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K-Bank, the No. 1 Internet bank in Korea, is showing rapid growth thanks to the cryptocurrency craze. K-Bank plans to start public offering (IPO) around next year after completing capital expansion of 600 billion won this year.
According to K Bank on the 3rd, the balance of K Bank’s deposits and savings as of the end of February reached 6.84 trillion won. Compared to the 4.5 trillion won at the end of January, this is an increase of 2.4 trillion won (52%) in one month.
The number of K-Bank customers exceeded 3 million in February, reaching 3.11 million. In the month of February, the number of customers increased by 640,000.
The cryptocurrency craze played a part in the rush of deposits and savings funds in K-Bank. In June of last year, K-Bank signed a real-name account agreement with’Upbit’, a cryptocurrency exchange. To trade new coins on Upbit, you need an account with K-Bank.
The high competitiveness of savings products in terms of limits and interest rates compared to competitors’ products, such as parking passbooks, also seems to have had an impact.
A K-bank official said, “As the cryptocurrency market has gained attention since last year, information sharing about K-Bank has become active in the 2040 generation.” It contributed to the growth of subscribers and recipients by using the service,” he explained.
Meanwhile, K-Bank is also accelerating its capital expansion of 600 billion won this year. It is known that BC Card or its affiliates, the largest shareholder of K-Bank, will invest 200 billion won and secure 400 billion won through external investors.
According to the financial sector, K-Bank is expected to enter an IPO as early as the end of next year. K-Bank expects a turnaround next year.
K-bank plans to expand collaboration with KT group companies such as BC Card this year. K-Bank plans to strengthen its mid-interest rate loan products this year. It is highly likely to use KT communication data or BC card data to establish a credit rating model for this.
BC Card is expected to cooperate with K-bank in investment advisory business and other sectors in relation to investing 9.9 billion won in December & Company asset management. December & Company has developed the robo-advisor management platform’PREFACE’ and the artificial intelligence asset allocation engine’ISAAC’ over 6 years and has the original technology.