Korea's first online-only bank, K Bank, starts its operations today.
K Bank went into business after its opening ceremony today (3rd) at Gwanghwamun KT Square, joined by Financial Services Commission President Yim Jong-ryong, National Policy Committee Chairman Lee Jin-bok, and KT President Hwang Chang-gyu.
K Bank is an online-only bank that has no branches. Customers can use it twenty-four hours a day all year long, without the constraints of a physical location.
Moreover, it offers mid-level interest rate loans that existing banks do not, and ATMs at convenience stores can be used for deposits and withdrawals.
This is the first time in twenty-five years since 1992 that a new bank has opened in Korea.
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