Shinhyup's 'OnBank' Surpasses 1.5 Million Subscribers in Just 2 Years Since Launch

[Asia Economy Reporter Buaeri] The National Credit Union Federation of Korea announced on the 25th that the number of subscribers to the mobile banking application 'ON Bank' has surpassed 1.5 million. This milestone was reached two years after its launch.

ON Bank is the first mobile banking app in the mutual finance sector that allows non-face-to-face membership registration and the opening of investment deposit accounts. The app attracts an average of 60,000 new users monthly. The total amount of deposits and savings has exceeded 13 trillion KRW (as of the end of January).

One of ON Bank's popular features is that users can enjoy the benefits of ShinHyup's low-taxation without visiting a branch. Currently, 4.2673 trillion KRW, which accounts for 33% of ON Bank's total deposits and savings, has flowed into low-taxation products.

The ON Bank simple transfer service, which allows remittances with just a few taps, also has high user satisfaction, according to ShinHyup. The simple transfer service enables account transfers up to 3 million KRW per day without separate security devices such as OTP or security cards. Within this limit, transfers up to 1 million KRW can also be made via KakaoTalk and text messages. 92% of all transfer transactions were conducted through the simple transfer service.

To celebrate reaching 1.5 million ON Bank subscribers, ShinHyup will extend the fee waiver service for instant transfers, originally scheduled to run until March this year, for one year until March 31 of next year.

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