Kakao Bank attracts 20,000 foreign resident accounts in first month

What happened: Kakao Bank attracted more than 20,000 foreign resident accounts within a month of its October launch, with customers from 124 nationalities opening accounts through its app without visiting a branch. Key numbers: 20,000+ accounts in one month; 124 nationalities; about one new account every two minutes; opening takes about five minutes; Why it matters: The bank said foreign residents responded positively to opening an account in about five minutes without a branch visit, and it plans to add savings and time deposits, open banking and loan comparison services next year.

Kakao Bank attracted more than 20,000 foreign resident accounts within a month of its October launch, with customers from 124 nationalities opening accounts through its app without visiting a branch.

The bank said foreign residents responded positively to opening an account in about five minutes without a branch visit, and it plans to add savings and time deposits, open banking and loan comparison services next year.