S.Korea's KakaoBank to launch internet bank in Thailand
A tie-up with the Thai financial holding company SCBX will jointly pursue a related license in the Southeast Asian nation
South Korea's KakaoBank Corp. has begun its advance into Southeast Asia through a tie-up with a financial company in Thailand.
SCBX is the holding company of Siam Commercial Bank, one of Thailand's three largest banks, with subsidiaries like credit card and insurance company Card X and brokerage Innovest X.
Under their MOU, both sides will form a consortium and jointly seek in Thailand a virtual business license for a bank with no branches, similar to an internet-only bank in South Korea. The Bank of Thailand in January announced a plan to issue new digital bank licenses.
After forming the consortium, KakaoBank will acquire over 20% of its shares to become the No. 2 shareholder. Its goal is to enter the Southeast Asian market based on its fintech experience accumulated in South Korea such as contactless credit and mortgage loans.
"We will contribute to the financial development of both SCBX and Thailand to create the future of finance," Kakao Bank CEO Yun Ho-young said.
SCBX CEO Arthid Nanthawithaya added that he expects his company's strategic partnership with Kakao Bank to offer an extensive range of convenient and technically innovative financial products and services to financial consumers in Thailand.
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