The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms & Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
Best Bank Awards

Korea's best digital bank 2021: kakaobank

kakaobank

View full 2021 results
Yoon Ho-young, kakaobank.jpg
Yun Ho-young, kakaobank

Even in a land of hyper-savvy digital offerings, kakaobank remains an overachieving standout.

In August, CEO Yun Ho-young’s bank held South Korea’s splashiest initial public offering in years, raising about $2.2 billion. Immediately, kakaobank became Korea’s largest financial company by market capitalisation. Once it began trading, the internet-only bank’s market cap topped W30 trillion ($25 billion), surpassing traditional lenders KB Financial Group and Shinhan Financial Group, both of which have long been the dominant financial players.

But that’s not the 2021 highlight which Yun and his team are most keen to discuss. Instead, it’s the fact that by the end of August, kakaobank’s customer base had swelled to 17.17 million, or roughly one in three Koreans.

Yun rattles off a series of data points, each more impressive than the other. Case in point: every eight seconds one person signed up for kakaobank. It is also far and away the most popular financial mobile app in the country with 14 million monthly active users.

Steady increases in user traffic saw operating revenue rise 29% year on year in the April-to-June quarter.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree