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April 28, 2020

South Korean digital lender KakaoBank launches credit card service

South Korea-based internet-only bank KakaoBank has partnered with local issuers to offer credit card service.

Through the credit card service, the bank aims to offer tailored services to customers as it enables it to accumulate customers’ big data without card issuance licence.

KakaoBank has partnered with local issuers Shinhan, KB Kookmin, Samsung and Citibank that will issue and manage four new credit cards and design perks and rewards as well.

KakaoBank project manager Woo Il-sik said: “We will offer credit card services to meet expectations of our customers on general banking services.”

To apply for the new card, consumers will need to go through a registration process on the Kakao Bank app, which requires simple personal information inputs.

Due to the lack of documental and other review requirements, the bank expects to draw consumers with lower credit ratings such as students, graduates, housewives and freelance workers.

Apart from the credit card service, the bank is also adding loan recommendation and stock account opening service to its platform.

It also intends to create a synergy between KakaoBank and KakaoPay with new integrated service.

Earlier this month, KakaoBank announced its plan to launch a fintech lab in the later half of this year for the development of payment technologies.

The bank is preparing to go public in the second half of this year.

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