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This is an old revision of this page, as edited by Sangj park (talk | contribs) at 03:28, 12 December 2017 (→‎How to join the KaKao bank). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

KaKao Bank is South Korea's second largest Internet banking bank.[citation needed] It opened on July 27 2017.

Authentication

It is dedicated exclusively to smartphone banking. Passwords are not used when logging in. Finger recognition or pattern log-in, because the fingerprint recognition is optional, and fingerprint recognition is compulsory because of the differences in the smartphone type. It supports only the area of the Google standard, and does not support the swiff approach. Therefore, Samsung Electronics smartphones and Pantech's smartphones are not able to use fingerprint recognition before (Galaxy S5 and Galaxy Note 4).


Shareholder company of Kakao bank[1]

Financial sector

  1. Korea Investment holdings Co.Ltd : High-ranking financial holding company.
  2. KB Kookmin bank : Korea`s main bank.
  3. KOREA POST : Public institutions that operate post office finance and delivery services.
  4. Seoul Guarantee Insurance CO.Ltd : Korea`s largest guaranty insurance company.

Life financial services sector

  1. KAKAO : Leader of the Mobile Life Platform.
  2. e-bay : Korea's largest electronic commerce platform with G-market, Auction, etc.
  3. Netmarble : Korea's top gaming business operator.
  4. Yes 24 : South Korea's representative Internet bookstore.
  5. TENCENT : A typical ICT company operating in China.


History

Preliminary license of banking : On November 29, 2015, 11 local banks including Kakao, Korea Investment & Securities Co., and KB Kookmin(국민) Bank applied for a preliminary license of banking infrastructure based on the introduction of a Web-based bank based on mobile and online banking. On November 29, 2015, the Financial Services Commission approved preliminary license of banking.[2]

Established Korea's kakao shares (kakao bank) : On January 22, 2016, promoters(initiator) of the Korea Investment Bank, Kakao Bank, KB Kookmin Bank, SGI Seoul Guarantee Center, Netmable, eBay, and Tensent were joined by the consortium to establish the kakao bank.[2]

Final authorization of banking : On April 5, 2017, the Financial Services Commission evaluated the adequacy of capital expenditures, appropriateness of financing plans, appropriateness of the project plan, and manpower, organization and computing facilities for the adequacy of the project. Since then, the Financial Services Commission has approved banking operations for the kakao bank. It registered as the 22nd general member of the banking association.

Opening of the kakao bank : On July 27, 2017, kakao the Bank of Korea launched a customer banking service via mobile phones, including reception, debit card and foreign remittance. Since the launch of the kakao bank, the demand for loans has increased due to explosive popularity. And as the assets rose rapidly, they decided to speed up capital gains. 

On August 11, 2017, the kakao bank held a board meeting. Then, it decided to increase the amount of paid-in capital worth 500 billion won.[3]

Present situation of KaKao bank

On July 28, 2017, according to the KaKao bank, the number of new customers reached 470,000 on the second day of sales. The amount of deposits and installment savings of the kakao bank is 135 billion won. It is the result of 32 hours after sales began[4].

On July 31, 2017, the kakao bank passed a one-million account in just five days. The number of credit card applications has surpassed 600,000. 670,000 people apply for a check card together. Applications have been downloaded by 1.78 million copies. According to the kakao bank, more than 20,000 people per opening hour have entered the Kakao bank. Since then, there have been an average of 10,000 customers per hour.[5]

On Aug. 11, 2017, South Korea's second Internet-only bank, Kakao Bank, said Friday that its board of directors has decided to raise 500 billion won (US$437 million) by issuing new shares in a move to better provide services amid a growing demand for loans. The bank said its board of directors held a meeting earlier in the day and voted to issue 100 million new shares worth 5,000 won each. The bank said it has made the decision in a preemptive manner to offer new services and products, adding that its move would further improve the lender's financial soundness. Kakao Bank launched in late July with paid-in capital of 300 billion won, has attracted more than 2.28 million accounts and extended loans worth 880.7 billion won.[6]

Kakao Bank said that as of 7 p.m. on Sunday, nearly two trillion won was entrusted to it while roughly one-point-four trillion won was taken out in loans. It also received two-point-16 million applications for the issuance of check cards.  The amount of loans Kakao Bank executed over the past month is larger than the growth of household loans provided by Kookmin Bank from January to August this year. It also amounts to 54-point-eight percent of the growth of household loans issued by Shinhan Bank during the same period.[7]

On November 3, 2017, the KaKao bank recorded 4.45 million customers who opened accounts for the first time in 100 days. The kakao bank topped four million customers on October 4. At the end of October, the amount of deposits and installment savings of KaKao bank totaled 4.002 trillion won. Overseas remittances have occurred 34,000 conditions over the past three months. The amount of remittance abroad of the KaKao bank take up 44 percent of the dollars , 20 percent of the euro, 10 percent Canadian dollars, and 7 percent Australian dollars.[8]

Main Merchandise

Deposit 

 The interest rate is 0.1% per annum for the bank account deposit and withdrawal account, which is the basic deposit and withdrawal account. Kakaobank has separated the amount that people will not consume for a while from our deposit and withdrawal accounts so that it can make a preliminary account book called 'safe box'. It is possible to deposit up to KRW 5 million from the basic 10,000 won, and even if you transfer money to the safe box for one day, you will receive 1.2% interest. At one year standard basis, free savings are at 2.0% per annum (automatic rate transfer rate 0.2%) and term deposits at 2.0% per annum.

Fees

 By the end of 2017, all ATM will be exempted from withdrawal fees. Domestic transfer fees are also free of charge. It will be said that the change will be announced one month in advance. On July 27, Yun Jong-young, a joint delegation of Kakaobank, said that the commission exemption will be decided soon after next year.

check card 

 Only cards with cash cards are issued. Only one card can be issued to an account, and the entitlement to issue can be made without the consent of the legal representative from 17 years of age or older. It is possible to apply for deferred transportation card function from 19 years old. People can choose one of five designs, of which you can choose a Cacao Friend character, except for the dark gray pattern. Ryan and Apeach Card only Postpay cards are an option and the remainder are postpone cards. Only a dark gray pattern can be selected for domestic use only. The settlement day is fixed to 10th every month. Unlike the KB National Card, the withdrawal date of postpaid traffic is only paid once a month. Kakaobank borrowed KB Kookmin Card/BC Card network, but unlike Citi Card which does not use ISP, blog says that ISP should pay. And because of the nature of KB Kookmin Card ISP, it is necessary to register passwords with 8 digits or more in number/letter combinations. 

 In the case of Kakao Pay, both 'card' (automatic payment) and 'card simple payment' can be registered. Smile Pay and 11th Pay are registered as KB Kookmin cards. Unlike Samsung Pay, Smile Pay is available for both online and offline payments. However, L.pay, Payko, Paynow, Naver Pay, and SSG Pay are not yet registered for the Cacao Bank Check Card. Especially, Payco is not registered even though it is related to KCP mentioned above. Unlike K-bank, which has a good simple pay billing service, consultation is not yet complete. If people use Naver Music, you can use the KB Kookmin card and use ISP. Kakao Bank's answer will be continuously compatible with KB Kookmin Card.

Overseas remittance

Kakaobank uses Citigroup's network. A branch called "CITIBANK KOREA - KAKAO" (SWIFT BIC: CITIKRSXKAK) has been registered in the SWIFT network, and it is said that the code can be used to transfer overseas funds to Kakao bank account. The commission fee is 5,000 won, which is 10% of the commercial banks. Below $ 5,000, Kakaobank will receive a remittance fee of 5,000 won, or 10,000 won if you exceed it. Exceptionally, Japan, Thailand, and the Philippines pay 8,000 won for the remittance fee regardless of the amount, and the brokerage fee and the collection fee are receiver's burden. Please note that it is officially notified to the Japan Post Bank that remittance is not possible. Also, it is not possible to remit money to China, Vietnam, Indonesia, Latin America, Africa, etc., so you should use other commercial banks or companies. At the meeting held in November, 2017, Yong Woo Koo, a co-representative of the bank, said, "We will be able to deal with China soon after negotiations." He also expressed his intention to resolve the issue of remittance fees in Japan. Yoon Ho-young also said that he is looking for a way to expand the country of remittance in addition to the Citigroup alliance.

Features of kakao bank

Advantages

  1. Remittance is convenient. 
  2. You can send money just like a kakaotalk without having to enter the password three or four times. 
  3. Interest on loans is cheaper than other banks.
  4. As of October 2017, all ATMs are free of charge.
  5. It do not use official certificates.

Weakness & Problems

  1. PC environment is not supported. Unlimited mobile apps are available for banking
  1. Mobile ONLY policy is not a problem for individuals, but it is a very troublesome environment for a company that handles accounting.
  2. The absence of open API functionality. Does not support third-party apps.
  3. Even if you are using your own vaccine, you need to forcefully install the vaccine.
  4. There is no ability to hide passbooks. A friend or spouse can accidentally steal his car screen. There are no enterprise related products yet
  5. Considering that the bank's main source of income is corporate loans, it is a serious problem.
  6. The certificate is incompatible with other banks because it uses its own certificate. But this does not make you uncomfortable or problematic.
  7. Since there is no foreign exchange system in place, foreigners can not sell foreign currency deposit products like post office deposit insurance.
  8. It's a huge box-office hit, but it does not support frequent system outbreaks and some easy payment services for check cards.
  9. Due to a server error all day 'aww! There was a problem with the server error and an identification error occurred.
  10. It took a long time, unlike the explanation of the cacao bank that it would take an average of 7 minutes to open an account.
  11. Counselors sometimes misunderstood because they fail to fully understand the rules and regulations such as reasons for refusing a loan review or canceling a limit-limit account.
  12. It is said that all consultations are carried out from 9:00 am to 10:00 pm on weekdays, and only acceptance of incidents is carried out at midnight.
  13. The receipt of the Cacao Friends Check Card initially led to the delivery within 7 working days, but it was shortened to an average of four weeks.
  14. The Cacao Friend Check card does not support some simple payment services.
    1. ^ Cite error: The named reference :0 was invoked but never defined (see the help page).
    2. ^ a b kakao bank, current situation
    3. ^ Newsis, economic "kakao bank decided to increase its capital by 500 billion won."
    4. ^ 파이낸셜 뉴스, 증권/금융 “카카오뱅크 이틀 만에 가입자 47만 명 돌풍”
    5. ^ 조선비즈, 경제 - “ 카카오뱅크, 영업 5일 만에 100만 계좌 돌파”
    6. ^ "Kakao Bank decides to raise 500 bln won through rights offering". {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
    7. ^ "Kakao Bank Attracts Over 3 Million Customers in Month". {{cite news}}: Cite has empty unknown parameter: |dead-url= (help)
    8. ^ EBN, 종합 ‘ “출범 100일 카카오 뱅크, 흥행 돌풍 넘어 은행권 성공적 안착”
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