Archived Brown Bag Lunch

9. Korea Office BBL -Innovative Financial Services: Experience of Internet-only Banks in Korea

"The popularity of neo-banks or internet-only banks is growing across the world"

BBL Date - January 22, 2020

Digital technology and innovation are transforming business models across the globe, and the financial service industry is no exception. Traditional banks are facing competition from non-bank innovators. With many financial services becoming available online, some are considering brick and mortar banks to be obsolete, and the popularity of neo-banks or internet-only banks is growing across the world. 

As part of its policy agenda to accelerate financial innovation, the Korean government approved 2 internet-only banks in 2017, allowing non-financial players to enter the market. These banks attracted over 3.3 million customers in the first week of their launch and within 2 years had over 11 million customers out of Korea’s total population of 51 million. This Bite discusses the experience of internet-only banks in Korea to find lessons and implications for other countries in the process of setting up similar neo-banks or internet-only banks.

The Korea office organizes a series of seminars on innovation and technology to showcase examples of Korean innovation and technology and highlight the latest global debates and issues. This seminar is jointly organized with Seoul Center for Financial Sector Development of Finance Competitiveness & Innovation Global Practice and Seoul National University. 

About the Presenters

Sameer Goyal

Program Manager, Seoul Center for Financial Sector Development, 
Finance Competitiveness and Innovation, World Bank Group

Sameer Goyal is the Program Manager of the Seoul Center for Financial Sector Development in the Finance, Competitiveness and Innovation Global Practice at the World Bank. Prior to joining the Korea office, he led the financial sector engagement in Vietnam during 2009-2014. He joined the World Bank in 1997 as part of a special unit set up to respond to the Asian financial crisis and has since participated in numerous operations. His areas of expertise include financial sector policy reform, crisis management, and financial inclusion. He holds MA and M. Phil degrees in Economics from Jawaharlal Nehru University, India and an MBA in Finance and International Business from McGill University.

Suk Geun Lee

Professor, Business School, 

Executive Director, Social Enterprise Center, Sogang University

Suk Geun Lee is Professor at Sogang University’s Business School and also the Executive Director for the Social Enterprise Center of Sogang University. He has 20 years of experience in financial sector consultancy from Roland Berger, Arthur D. Little, Accenture, and ATKearney, and has been a member in several government committees including the National Economic Advisory Committee for the President of Korea as well as the Bank Evaluation Committee of the Financial Services Commission of Korea. He holds an MBA in Finance, Statistics, and Economics from the University of Chicago. 

In Deok Hwang

Director, Fintech Center Korea

In Deok Hwang is the Director at the Fintech Center Korea since 2018. In this capacity, he has been supporting the creation and promotion of the fintech industry in Korea as part of the Korean government’s initiative. His main expertise is in credit rating, with 26 years of experience that he brings from Korea Ratings and extensive publication and advisory work in this area. He has also lectured extensively at various financial institutions. He holds a Ph.D. in Financial Management from Soongsil University.  

Dong Beom Choi

Assistant Professor of Finance, SNU Business School,
Seoul National University

Dong Beom Choi is an Assistant Professor of Finance at Seoul National University (SNU) Business School. Before joining SNU, he worked as a Financial Economist at the Federal Reserve Bank of New York for 7 years. During this time he also served as a visiting lecturer at Princeton University, his alma mater, and as a visiting scholar at the Bank of Korea. He has a wealth of experience in monetary policies, financial stability, and banking, and has published extensively in these fields. He holds a Ph.D. in Economics from Princeton University. 

 

Isaku Endo

Senior Financial Sector Specialist, Finance Competitiveness Innovation, World Bank Group

Isaku Endo is a Senior Financial Sector Specialist in the Finance, Competitiveness and Innovation Global Practice at the World Bank. He is specialized in financial market infrastructures, payments/remittances, and AML/CFT. Currently based in Manila, he advises the Philippines government on financial policies and regulatory issues and leads the financial sector program for the country. He is also undertaking analytical work on FinTech and money services business reforms. Prior to this, he served as a financial sector focal point for Indonesia based in Jakarta and managed the World Bank’s program for financial inclusion in Indonesia and led payment systems projects in several countries in the region. 

Join the Discussion

Mahaman Mourtala

- Oct 10, 2021
Interesting BBL!

Jes�s Manuel

- Aug 16, 2021
Great

DR. YOGENDRA NATH

- Jul 26, 2021
Good

MOHAMMAD

- Jan 15, 2021
Great!

Tosin

- Jun 3, 2020
Interesting

MARK

- May 21, 2020
Relevant discussion

Mohammad Nadir

- May 5, 2020
Excellent!

Ademola

- Apr 30, 2020
Reliable and relevant

Anvar

- Mar 20, 2020
Interesting!

Ki

- Feb 7, 2020
interesting!
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