In South Korea, the average adult has 5.2 bank accounts and 3.6 credit cards
student in Seoul, racks his brain to answer a simple question: where do you bank? At three different institutions, it turns out, with six active accounts. One bank was nominated by a grant-giving body for the payment of a scholarship, another offered perks while he was doing military service and a third was where a previous employer insisted his salary be paid. He has several other dormant accounts, and “too many cards to remember”. One of them he applied for merely to get a bonus.
Founded in 2013 by Lee Seung-gun, a former dentist, Viva Republica tried several other ventures before going into digital payments with Toss , which has since grown into a comprehensive money-management app. Users can aggregate accounts, cards and loans into a single view, with outgoings classified by category. They can sign up for financial products, with Toss earning a commission. “If you’re looking for convenience, you have to use Toss,” says Yu, the overbanked student.
Bank Salad , from Rainist, a fintech founded in 2012, is taking a narrower approach. It has 4m users and also offers account aggregation and money management, though not payments or transfers. Its chief executive, Kim Tae-Hoon, says it aspires to be a financial-adviser version of Jarvis, theRainist’s strength is its data-driven referral system, which suggests products based on users’ spending patterns.
Kakao is now making a full-frontal assault on South Korea’s incumbent banks. In 2017 a consortium including Kakao Corporation, the brand’s parent company, won one of the country’s first two licences to run a digital bank. Kakao Bank has been a runaway success: within 13 days 2m people had signed up for current accounts and it now has 8.9m clients . Theis considering allowing non-financial firms to hold larger stakes in banks and granting two more digital licences. Toss hopes to win one of them.
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