Korea's 2nd Internet-only bank to begin operations Thursday
South Korea's second Internet-only bank, Kakao Bank, is set to begin operations Thursday, in the latest move by the government to reinvigorate the nation's banking sector suffering from weaker growth. The planned launch of Kakao Bank, led by Kakao Corp., operator of Korea's dominant messaging app KakaoTalk, came after the first Internet-only bank, K-Bank, gained wide consumer appeal. Consumers can open an account at Kakao Bank by downloading an app and verifying their personal information through the Internet.
Following in the footsteps of K-Bank, Kakao Bank will offer ordinary deposits, time deposits and card loans with more favorable interest rates than the ones offered by traditional lenders, bank officials said. Kakao Bank will also significantly cut commission fees when customers send money overseas. As for nine major currencies, including the US dollar, the euro and the Japanese yen, Kakao Bank will charge 5,000 won ($4.46) per international money transfer worth below $5,000. If the value of an international money transfer exceeds $5,000, the commission fee will be set at 10,000 won, or about one-tenth of the fees charged by traditional banks, Kakao Bank said. With a paid-in capitalization of 300 billion won, Korea Investment Holdings Co. and Kakao hold a 58-percent and 10-percent stake in Kakao Bank each. Kakao's consortium also includes Kookmin Bank, eBay Inc. and China's Tencent Holdings Ltd. Although Kakao Bank will focus on expanding online banking services in its initial stage, bank officials have said they will eventually launch a so-called "app-to-app" payment service. The payment service allows a user to pay for purchases without using the financial network of credit-card firms, bank officials said. Instead, it will enable a user to pay for purchases with Kakao Bank's app, helping retailers save on commission fees charged by credit card companies and giving buyers more financial benefits.
Korea Herald / Jul.28, 2017
TAGS-----------------
#South Korea News, #Consulting Firm in Korea, #Seoul Consulting Firm, #Korean Market Research, #korea news, #south korea, #us korea, #korea time, #seoul korea, #seoul, #korea, #google korea, #north korea, #korea war, #korea weather, #seoul weather, #semi korea, #korea travel, #flight to korea, #korea tour, #korea food, #busan korea, #korea visa, #us korea, #korea trading, #korea daily, korea airline, #seoul hotel, #seoul time, #seoul weather, #seoul station, #seoul map, #incheon, #myeongdong, #business in korea, #drama korea, #korea star, #film korea, #k-pop, #korean, #bahasa korea, #artis korea, #korea air, #video korea, #movie korea, #download korea, #kim jong un, #korea latest, #bbc korea, #korea post, #korea map, #korea flag, #naver, #naver korea, #sudkorea, #korea krieg, #korea uhrzeit, #wetter korea, #korea zeit, #korea nachrichten, #republic of korea, #korea flagge, #zuid korea, #korea nieuws, #korea tijd, #nord korea, #korea krigen, #korea kornel, #syd korea, #istar korea, #korea kriget, #korea flagga, #dmz korea, #pohjois korea, #etela korea, #pohjois korea uutiset, #gambar korea, #lagu korea, #korea utara, #cerira korea, #korea song, #korea seletan, #phim korea, #korea university, #made in korea, #snl korea, #korea hot, #lagu korea, #nonton drama korea, #sinopsis korea, #cewek korea, #korea utara, #berita korea, #corea, #corea del sud, #korea del sud, #orario korea, #dittatore korea, #fuso orario korea, #korea world fans, #koreanturk, #korezin, #korea norte, #korea do norte, #korea do sul, #coreia do norte, #coreia do sul, #carbel korea, #brazil korea, #korea house
TAGS-----------------
