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KakaoBank’s rapid growth is threatening traditional banks in South Korea, who now have to strengthen their online platforms, according to Moody’s Investors Service.
Moody’s noted that the internet-only bank now has the largest number of users.
It attributed its rapid asset growth to unsecured personal lending, straightforward digital banking experience, and lower costs by using technological advancements and doing away with physical branches.
Kakao Bank’s cost/income ratio is 0.5 percent lower than the asset-weighted average of the country's four largest banks and 3.9 percent points lower than the six regional banks.
Moody’s noted that competition will intensify as KakaoBank expands its loan portfolio and capital base.
KakaoBank's plan to launch mortgages and merchant loan products will expand its addressable market from 14 percent to 65 percent of South Korea’s won-denominated loans in the next 12-18 months.
KakaoBank’s planned initial public offering in the second half of 2021 could increase its capital by around 76 percent-90 percent compared to the end of March.
