By Lee Kyung-min
Kakao Bank has launched a service to help its customers open a securities service account, the firm said Tuesday.
The new service will be offered in cooperation with Korea Investment and Securities, a subsidiary of Korea Investment Holdings.
Under the collaboration, a Kakao Bank customer will be allowed to open an account with Korea Investment and Securities with a simple click of a button.
The simplified procedure will provide a more user-friendly service, as similar procedures offered by other brokerages included submission of statements specifying personal information including name, home addresses and phone numbers.
Various promotional events are taking place including offering an immediate balance of 20,000 won ($17).
Half will be wired to the bank account and the other half to the securities account.
Those who trade Korean stocks after opening a brokerage account through Kakao Bank will be given an additional 5,000 won per month for up to one year.
The amount will be given regardless of the minimum transaction requirements.
Brokerage commission fees will be exempted for an unlimited period of time for customers who use the home trading system or mobile trading system.
“This is a meaningful cooperation. This is our first joint project whereby consumer experience will be significantly improved as our tailored service will maximize their satisfaction,” a Kakao Bank official said.
Kakao Bank plans to expand the service to make it available to more brokerages in the coming months.
The bank plans to expand the service to strengthen mobile and online platforms.
“Possible services to be pursued include selling funds, or insurance products in the form of bancassurance. We are open to all options to broaden our business perspective,” he added.