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THE INVESTOR
June 14, 2021

Market Now

KakaoBank launches task force to beef up lending

  • PUBLISHED :June 03, 2021 - 18:26
  • UPDATED :June 03, 2021 - 18:26
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A KakaoBank subscriber uses the online bank’s mobile application. (Yonhap)

Online-only KakaoBank has launched a task force to expand its lending services for customers with low and midrange credit scores, the company said June 3.

The bank is planning to roll out various loan services this year, lower interest rates for credit loans and increase credit lines, offering up to 70 million won ($62,900) for customers with low and midrange credit scores.

In addition, its new credit rating model will factor in both financial and nonfinancial information, such as data on customers’ mobile subscriptions, to better assess solvency.

The bank, a subsidiary of mobile messenger giant Kakao, plans to offer 3.2 trillion won in unsecured loans this year, up by 1.76 trillion won from a year earlier. The average monthly increase in unsecured loans is expected to stand at 250 billion won from June to December. By the end of 2023, the bank aims to increase the proportion of customers with low and midrange credit scores to 30 percent of the total.

The task force will be led by Kim Gwang-ok, vice president of KakaoBank. Lee Hyung-joo, the bank’s chief business officer, and Koh Jeong-hee, its chief service officer, will also join the team.

“KakaoBank will try to offer a variety of loan services for customers with low and midrange credit scores, one of the company’s top priorities for this year,” said the task force chief, vowing to accelerate the launch of new loan services and carry out promotional events.

From June 10 to July 9, the bank is running a promotion where it will cut interest rates for people who borrow money via some of its services.

By Kim Young-won (wone0102@heraldcorp.com)

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