Yoon Ho-young, CEO of Kakao Bank, is expanding the bank’s global presence, as evidenced by his participation as a keynote speaker at a global fintech event held in Thailand. Kakao Bank announced on the 23rd that CEO Yoon delivered a presentation on “Digital Banking Growth Strategies and AI Innovation” at the “Money 2020 Asia” conference, which took place from the 22nd to the 24th at the Queen Sirikit Convention Center in Bangkok, Thailand.
“Money 2020” is one of the world’s largest fintech events, akin to the “CES” or “Davos Forum” of the fintech industry, bringing together thousands of experts from various national financial service ecosystems to discuss financial trends, share innovative ideas, and deliberate on the future of financial technology. The Asia leg of this year’s “Money 2020” was expected to attract more than 4,000 key figures from over 85 countries, including financial hubs such as Singapore, Hong Kong, and Sydney, as well as emerging powerhouses like Thailand, Indonesia, the Philippines, Malaysia, and Vietnam.
As the only Korean speaker, CEO Yoon shared insights during the opening keynote speech on the impact of AI on the future of finance. He addressed global fintech industry leaders, discussing the future of finance driven by AI, and Kakao Bank’s strategic and innovative practices, which have made it a standard in mobile banking. Since its launch in 2017, Kakao Bank reached 1 million customers within just five days and expanded to 10 million in two years, eventually becoming a bank used by over half of South Korea’s population.
CEO Yoon highlighted Kakao Bank’s growth strategy focusing on its massive monthly active user (MAU) base of 18 million and signature deposit products like the group account. He emphasized the “customer-centric thought process” behind the platform business, which allows access to financial products from over 100 partner companies through Kakao Bank. Yoon said they will actively pursue the transformation into a comprehensive financial platform.
He also discussed “Kakao Bank Score,” a proprietary non-financial data-based credit scoring model, and how it contributes to financial inclusion innovation. Yoon stated, “Equipping yourself with AI-optimized UI/UX and data is no longer an option but a core element for survival.” He noted that the financial industry cannot innovate with AI alone, highlighting that only financial institutions with unique data, trust, and a customer-centric mindset will wield overwhelming influence.
Kakao Bank is “all-in” on AI-based UI/UX changes, showcasing a strong commitment to leading future AI financial standards as an “AI-native bank.”
Looking forward, Kakao Bank is preparing for international expansion, being the first among Korean internet-only banks to do so. The strategic investment in Indonesia’s digital bank “Superbank” has rapidly grown its customer base to over 3 million. A financial consulting contract signed at the end of last year will soon bring Kakao Bank-inspired products to the Indonesian market.
In a bid to obtain a virtual bank license in Thailand, Kakao Bank completed its application submission to the Thai central bank last September, in collaboration with the Thai financial holding company SCBX. If approved, Kakao Bank aims to successfully implant its digital finance DNA into the Thai market, thus contributing to the development of local financial technology.