KakaoBank CEO vows to lead innovation through AI at global fintech conference
Korea’s largest internet bank expected to obtain license in Thailand
KakaoBank CEO Yun Ho-young delivers a keynote address during Money 20/20 Asia at Queen Sirikit Convention Center in Bangkok, Tuesday. Courtesy of KakaoBank
KakaoBank CEO Yun Ho-young, also known as Daniel Yun, shared the bank’s strategic direction and vision with global fintech leaders at a major conference in Thailand, emphasizing the company’s commitment to becoming a comprehensive financial platform driven by a user-centric approach, officials said Wednesday.
As the sole Korean speaker at the three-day Money 20/20 Asia in Bangkok, Yun delivered a keynote address, exploring how artificial intelligence (AI) is set to reshape the future of financial services.
“In the AI era, having AI-optimized user interfaces (UI), user experiences (UX) and data is no longer optional but a key determinant of survival. Industrial ecosystems will increasingly center around companies with strong AI capabilities,” Yun said.
“However, finance is a sector that cannot be transformed by AI technology alone. Only financial institutions that possess unique data, trust and a user-centric mindset will be able to exert overwhelming influence.”
He noted that Korea’s largest internet-only bank is “going all in” on transforming its UI and UX based on AI, pledging to lead the future standards of AI-driven finance as an “AI native bank.”
Money 20/20, often referred to as the Davos Forum of the fintech industry, is one of the largest global conferences encompassing both finance and information technology. The event brings together thousands of experts from global world’s financial ecosystems to share insights on industry trends and innovative ideas.
Launched in 2017, KakaoBank surpassed 1 million users within just five days and has since grown into a leading digital institution used by more than half of Korea’s population.
“KakaoBank’s growth is driven by a customer-centric approach that maximizes convenience through technology,” Yun said. “We aim to lead the transformation of the banking industry, where customers, rather than the bank, hold the power of choice and control.”
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The bank has also been actively expanding its presence in the global market.
It expects to receive an internet banking license in Thailand this year, a market that has long been considered a challenging area for the Korean financial industry.
According to Thai media, the Bank of Thailand has recently approved three consortia to establish internet banks in the country.
One of the successful consortia is led by SCBX, the holding company of Thailand’s leading bank, Siam Commercial Bank, which has partnered with KakaoBank and China’s WeBank.
The Thai Ministry of Finance is expected to give final approval within the first half of the year. Once approved, the selected entities will have a year to prepare their operations for a potential launch of virtual banking services next year.
“We plan to implant our digital financial DNA into the Thai market, where the entry of domestic financial institutions has been relatively limited, and contribute to the advancement of local financial technology,” a KakaoBank official said.
Additionally, the company has made a strategic equity investment in Superbank, a digital bank in Indonesia, which is experiencing rapid growth with over 3 million customers.