Asia: South Korea launches its first branchless bank

South Korea saw its first internet-only bank, K-Bank, being launched in early April. K-Bank operates throughout the day, provides deposit accounts, time deposits and loans with attractive interest rates. K-Bank internet only bank currently has a collaboration with mobile network operator KT Corporation, Woori Bank and 19 other companies. In less than a month since its inception, K-Bank has attracted over 240,000 customers with deposits amounting to nearly 300 billion won.

South Korea financial regulatory, The Financial Services Commission (FSC) noted that the number of accounts opened with K-Bank has surpassed the total number of non-face-to-face account openings in Korea in the past year, of which this figure stands at 155,000. The FSC has also given its approval for Kakao Bank to begin operations in June. The regulatory body said that it may consider giving out approval for more banking licenses to internet-only banks if the relevant laws are revised.

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