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Kakao Bank and Citibank slow in digitization drive
Posted : 2021-03-08 17:01
By Lee Kyung-min
Kakao Bank and Citibank Korea have yet to offer services whereby customers can add savings accounts to the list of their bank accounts on the Open Banking online platform, a data-driven financial service initiative spearheaded by the Financial Services Commission (FSC).
The apparent failure to update the service promptly brings into question whether Kakao, the much-touted internet-only fintech leader, has misplaced priority by paying attention only to the upcoming initial public offering (IPO), with its customer-oriented mindset increasingly being neglected.
Kakao Bank plans to complete its planned IPO by the second half of this year. It achieved a net income of 13.7 billion won ($12.1 million) in 2019, only two years after it was launched. The net income for 2020 was 113.6 billion won.