K-Bank Rides on Upbit and Others, Gaining 1.46 Million Customers in a Month... Deposits Soar by 3.4 Trillion Won

[Asia Economy Reporter Kiho Sung] Internet-only bank K Bank is experiencing rapid growth fueled by the cryptocurrency craze.

K Bank announced on the 3rd that its number of customers reached 5.37 million at the end of last month, an increase of 1.46 million from the previous month. This is a similar scale to the 1.57 million customers acquired over three years since 2017, achieved in just one month. This growth trend is attributed to the partnership with the cryptocurrency exchange Upbit and the popularity of the parking account 'Plus Box,' which offers differentiated interest benefits.

According to K Bank, as of the end of April, the deposit balance stood at 12.14 trillion KRW, an increase of 3.42 trillion KRW in one month. K Bank explained that the increased deposits are managed as highly liquid and safe assets that can be immediately converted into cash.

K Bank stated, "Demand deposits have increased due to the recent addition of the 'parking account splitting' feature in Plus Box and the inflow of funds linked to Upbit deposit and withdrawal accounts," adding, "The increased deposits are invested not only in loans but also in securities that yield higher returns than low-cost deposits."

They also explained that investments in securities are focused on safe assets such as government bonds and repurchase agreements (RP), and are managed to be immediately convertible to cash as needed.

Among the products, the parking account Plus Box, which offers an annual interest rate of 0.5% even for a one-day deposit and has the highest limit in the banking sector (up to 100 million KRW), is gaining popularity with a steadily increasing number of subscribers. Among loan products, the 100% non-face-to-face apartment mortgage loan continues to be popular.

As of the end of April, the loan balance was approximately 4.68 trillion KRW, an increase of 850 billion KRW in one month. Following the recent launch of the 'Emergency Loan' product, which can be applied for 24 hours a day and completes the loan process in one minute, K Bank is preparing to launch products such as jeonse and monthly rent deposit loans and Saetdol loans.

This content was produced with the assistance of AI translation services.