Author: Lee Kyung-min

Woori Bank joins move to establish internet-only bank

Woori Bank has joined a consortium led by Korean Credit Data (KCD) to establish the country's fourth internet-only bank, according to the lender Tuesday.

Lending biz of internet-only banks outperforms traditional peers on low rates

The outstanding loans extended by Korea's two internet-only banks - Kakao Bank and Kbank - came to over 56 trillion won ($40 billion) in the first three months of this year, up near 15 trillion won from a year ago.

Fintechs vie to be next internet-only bank in Korea

Three financial service providers are vying to become the fourth internet-only bank in Korea, buoyed by lowered entry bars and strong interest income-backed profit by the existing three banks over the past two years despite an economic slowdown, market watchers said on Sunday.