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Kakao Bank to become global standard for AI-powered banking, CEO says

Published: 23 Apr. 2025, 13:38 Updated: 23 Apr. 2025, 19:54

KIM JU-YEON
[email protected]

Kakao Bank CEO Yun Ho-young gives a keynote speech at Money 20/20 Asia on April 22 at the Queen Sirikit Convention Center in Bangkok, Thailand. [KAKAO BANK]

Kakao Bank CEO Yun Ho-young shared the company’s vision to become the global standard for AI-powered banking services while stressing the importance of creating user experiences (UX) and interfaces (UI) that utilize the technology in a speech at the Money 20/20 Asia fintech conference on Tuesday.

The annual conference began on Tuesday and is set to gather more than 4,000 people from 85 countries in the finance and tech industry to discuss fintech issues, including banking, mobile payments and insurance technology, at the Queen Sirikit Convention Center in Bangkok, Thailand, over three days through Thursday.

Kakao Bank is going “all in” on AI-driven UI and UX, Yun said in his keynote speech on the event’s opening day, according to Kakao.

“Having AI-optimized UI and UX, along with the right data, is no longer a choice — it’s a crucial factor for survival,” Yun said.

“Yet, the financial industry isn’t an area that can be revolutionized by AI technology alone,” he added. “Only financial institutions that combine their unique data and trust with their customers with user-centric thinking will be able to wield overwhelming influence.”

The CEO drove the point forward by sharing Kakao Bank’s journey in becoming one of Korea’s major banking services.

Founded in 2016 as the internet banking subsidiary of Korean tech giant Kakao, Kakao Bank focused on services that customers really needed in their daily lives, such as providing easy transactions and shared accounts through open banking.

The bank reached 1 million users in just five days after the service’s launch in 2017. Half of Korea’s population now uses Kakao Bank, according to the firm.

“We aim to lead the paradigm shift in banking by transforming into a consumer-focused platform that aligns with a digital shift where customers, not banks, hold the power and make the choices,” Yun said.

The company has also branched out to overseas markets, such as in Indonesia and Thailand, as the first Korean internet-only bank to do so.

Superbank, an Indonesian digital bank that Kakao Bank invested in, has accrued 3 million users so far, according to the Korean firm. Meanwhile, Kakao Bank applied to obtain licensing for a virtual bank in Thailand in September of last year in cooperation with local holding company SCB X Public Company Limited.

BY KIM JU-YEON [[email protected]]