K Bank aims to turn into AI-based investment platform: CEO

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K Bank aims to turn into AI-based investment platform: CEO - Korea Economic Daily

Quick Summary:

The CEO said K Bank, Korea’s first internet-only bank, will invest heavily in AI-related technology and diversify its portfolio by moving away from the household loan-centric growth model and expanding into non-face-to-face personal business loans.“Household loans have led our growth strategy.

K Bank has for years posted rapid growth in subscribers to its app, driven by its partnership with UPbit, riding the wave of cryptocurrency investment enthusiasm in Korea.IPO SLATED FOR OCT.30K Bank attempted to debut on the main Kospi market in 2022 but withdrew its IPO plan in February 2023 amid tepid investor interest.

With its outstanding deposits and loans of 21.85 trillion won and 15.68 trillion won, respectively, as of end-June, K Bank competes with domestic online rivals KakaoBank, run by Korea’s top messenger app operator Kakao Corp., and Toss Bank, owned by Viva Republica Inc.Bank of America Corp.is the lead manager of K Bank’s IPO.