Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
Kakao Bank to launch fintech lab this year
The screen on a mobile phone shows an account of a Kakao Bank customer. / Korea Times file
By Kim Bo-eun
By Kim Bo-eun
Kakao Bank's fintech lab will have a trial open in the latter half of this year, the internet-only bank said Tuesday.
The lab is set to focus on developing technology for various non-face-to-face financial transactions.
Kakao Bank plans for the lab to collaborate with fintech firms and research institutions.
The lender said it is in the process of making decisions on where to bring experts from, and how the lab will be organized.
"After operating for three years, we realized how much work we have to do on developing infrastructure and improving our mobile application," the official said, explaining why the bank decided to set up the lab.
Kakao Bank plans to develop technology on financial transactions made via artificial intelligence (AI)-based voice-activated speakers, and develop AI-based technologies that will be able to process customer center inquiries.
The Financial Services Commission enabled the lab to open, by exempting it from regulations. The regulations require banks to separate their internal system for business from connecting to external communications networks such as the internet.
While Kakao Bank's lab is not a financial firm, its affiliation with the lender had subjected it to the same regulations.
Authorities have allowed for the exemption to enable the lab to serve as a base for innovative financial services, based on its research and development of digital-based technologies.
Such technologies are deemed key, especially under current circumstances amid the coronavirus outbreak, which has led to many companies opting for work-from-home policies.
Kakao Bank was launched in July 2017, as the second internet-only lender in Korea.
Last year, the bank posted its first annual surplus, after attracting more than 10 million customers in two years.
There are currently two internet banks here. Financial services platform Toss received approval from authorities last year to launch Korea's third internet bank.