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First Online Bank Launches in Korea

16:45 April 04, 2017 replay time00:42

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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.

Yonhap News TV: 02-398-4441 (Inquiry on article) 4409 (Report), KakaoTalk/LINE jebo23

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