South Korea’s first online-only lenders are expected to launch this year. The Banker data reveals their biggest competition.

South Korea is considered one of the world’s most technologically advanced countries, yet its Financial Services Commission is on a mission to boost competition and innovation among its lenders. It will achieve an important milestone later this year when K-Bank and Kakao Bank launch.

Not only will these be the country’s first two online-only lenders, but also the first to launch in South Korea for 25 years. These nimble new players will provide a new source of competition for Seoul’s banking stalwarts.

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State-owned Korea Development Bank (KDB) is the country’s biggest by Tier 1 capital ($24.842bn) although only the fifth biggest by assets. In capital terms it is followed by KB Financial Group – the parent of Kookmin Bank – which has a Tier 1 base of $21.822bn.

Shinhan Financial Group ranks third with $19.781bn Tier 1 capital, but is the biggest by asset value ($316.025bn). In capital terms it is followed by Hana Financial Group ($16.531bn) and Woori Bank ($13.701bn) which was named South Korean Bank of the Year for 2016.   

All data sourced from www.thebanker.com

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