Changes consumers can expect after Kakao becomes top shareholder of internet bank Kakao Bank

카카오 카뱅 최대주주 된 후 소비자들이 기대할 수 있는 변화

Kakao Corporation, the operator of South Korea's dominant mobile messenger app continues to grow.
It is set to become the largest shareholder of Kakao Bank, an internet-only operation.
Hong Yoo explains what this change could mean.
Kakao Corp became the first non-financial entity to become a major shareholder of a bank, in this case, Kakao Bank.
Since its launch in 2017, the internet-only Kakao Bank attracted customers with slogans emphasizing convenience and innovation.
It activated financial trade on mobile phones mainly among people in their twenties and thirties, and lowered the access barrier for those with low credit ratings.
The internet bank made it easier for people to approach financial products with simple explanations and registration steps.
Now, with more than 10-millions users to date, Kakao Bank and Kakao Corp are planning to expand its range of financial products.
"It is likely that they will create more products such as investment packages with low risk and medium-rate credit loans."
With the cooperation of one of Korea's leading IT companies, analysts anticipate the fusion of finance and ICT to gain momentum.
Kakao Corp is continuously expanding its business into new sectors such as mobility services, AI speakers, and big data.
Such new businesses along with the bank can create new services that can be useful for the bank users.
And new securities services could be launched making overseas stock purchases more convenient.
Kakao Bank says a detailed plan of its new services will be available next year.
Hong Yoo, Arirang News.

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