Latest news with #YunHo-young
Korea Herald
23-04-2025
- Business
- Korea Herald
Kakao Bank CEO pledges AI leadership at Thai fintech forum
All eyes on Thai central bank as Kakao Bank's consortium vies for virtual lender approval Kakao Bank CEO Yun Ho-young underscored the pivotal role of artificial intelligence in shaping the future of finance during a keynote speech at Money 20/20 Asia, positioning the digital lender as a front-runner in fintech innovation. Speaking Tuesday at one of Asia's largest fintech forums, Yun highlighted Kakao Bank's commitment to technological advancement, drawing on insights from his years at the helm of South Korea's largest internet-only bank. 'An AI-optimized user interface and user experience, backed by robust data capabilities, is no longer optional — it's essential for survival in this industry,' Yun said. 'Kakao Bank is fully committed to reshaping its UI and UX through artificial intelligence.' Held in Bangkok this year, Money 20/20 Asia draws senior executives from leading financial institutions and regulators across the region. The 2025 edition is expected to host around 4,000 attendees from 85 countries, including Singapore, Hong Kong and Australia. Yun was the sole Korean speaker invited to the event. He shared Kakao Bank's journey since its launch in 2017 by IT giant Kakao, highlighting its role in transforming Korea's digital banking landscape. The lender now serves 25 million users — the largest base among the country's three digital-only banks — with 19 million monthly active users. While noting that AI capabilities will be central to reshaping industry ecosystems, Yun stressed that technology alone would not redefine finance. 'Finance isn't a field that can be innovated by technology alone,' he said. 'Only institutions that combine proprietary data with a deeply user-centric mindset grounded in trust will emerge as dominant players.' Yun's visit to Thailand drew attention as it coincided with the Bank of Thailand's ongoing application process for new virtual banks — a race Kakao Bank has entered through its partnership with local financial group SCBX. Kakao Bank is part of the SCBX-led consortium, which also includes China's leading digital lender WeBank. The group is one of five contenders vying for three virtual banking licenses that the central bank is currently reviewing as part of Thailand's push to launch its first digital-only banks. According to local media reports, the SCBX consortium is a strong contender, alongside proposals led by state-owned Krungthai Bank — teamed with Gulf Group — and e-commerce firm Ascend Money. Once the banks are selected, they will have a year to prepare, with official operations expected to begin in mid-2026 under a phased rollout. Kakao Bank declined to comment on the selection, as an official announcement from local regulators is still pending. 'If we are granted a license, we plan to bring our digital finance expertise to Thailand, a market where Korean financial institutions have had relatively limited presence, and contribute to the growth of the country's fintech ecosystem,' a Kakao Bank official said. Kakao Bank's entry into Thailand's virtual banking sector would mark the return of a Korean bank to the country's financial landscape after 27 years, following the withdrawal of all Korean lenders in the aftermath of the 1997 Asian financial crisis.
Korea Herald
05-03-2025
- Business
- Korea Herald
Kakao Bank CEO wins fifth term, eyes global expansion
Yun Ho-young, 54, has been reappointed as CEO of Kakao Bank for a fifth term, reinforcing his leadership at South Korea's leading internet-only lender, known for expanding its business beyond domestic borders, the company announced. On Tuesday, Kakao Bank, the banking arm of tech giant Kakao Corp., disclosed in a regulatory filing that its Executive Candidate Recommendation Committee had selected incumbent CEO Yun as the sole candidate for the position. His reappointment will be finalized at a shareholders' meeting on March 26. Yun's current term expires on March 28, and upon approval, he will serve for another two years. Yun began his career in 1995 at Daehan Fire & Marine Insurance before moving to non-life insurer ERGO Daumdirect. In 2009, he joined Daum Communications (later acquired by Kakao) and, in 2014, was appointed vice president of Kakao, where he played a pivotal role in launching Kakao Bank in 2017. 'Yun has spearheaded Kakao Bank's global expansion, a first for an internet-only lender,' the Executive Candidate Recommendation Committee stated in the filing, highlighting the bank's ventures in Indonesia and Thailand. In Indonesia, Kakao Bank holds a 10 percent stake in virtual lender Superbank, an investment made in partnership with Southeast Asia's largest mobility platform operator, Grab. Additionally, the lender has teamed up with a leading financial services provider in Thailand, SCBX, to launch a digital bank in the country. The consortium aims to secure a banking license by 2026. 'If Kakao Bank successfully enters Thailand, a country that has restricted access to Korean financial firms since the 1997 Asian financial crisis, it will mark a major turning point for the local financial industry,' the committee stated. Under Yun's leadership, Kakao Bank has maintained stable growth. In February, the bank reported record earnings for 2024, posting a net profit of 440 billion won ($300 million) — a 24 percent year-on-year increase.
