Kakao Bank CEO Yoon Ho Young Delivers Keynote Speech at Global Fintech Conference "Money 20/20 Asia"

The World's Largest Fintech Event Held in Bangkok, Thailand
Expanding Global Presence to Thailand After Indonesia ... Leading the Globalization of K-Finance

▲Yoon Ho Young, CEO of Kakao Bank, is giving a presentation at 'Money 20/20 Asia' held on the 22nd at the Queen Sirikit Convention Center in Bangkok. Photo by Kakao Bank

As Kakao Bank accelerates its global expansion, CEO Yoon Ho Young personally took the stage as a keynote speaker at a global fintech event held in Thailand.

On April 23, Kakao Bank announced that CEO Yoon Ho Young delivered a presentation on "Growth Strategies and AI Innovation for Digital Banks" at "Money 20/20 Asia," a global fintech conference held at the Queen Sirikit Convention Center in Bangkok, Thailand, from April 22 to 24.

Participating as the only Korean speaker, Yoon Ho Young shared insights on the impact of artificial intelligence (AI) on the future of finance during the opening day keynote. He stated, "Having a UI (User Interface) and UX (User Experience) optimized for AI, as well as robust data, will no longer be optional but will become a crucial factor for survival."

Yoon Ho Young also remarked, "In the upcoming era of AI, the industrial ecosystem will be reorganized around companies with strong AI capabilities." However, he emphasized, "The financial industry is not an area that can be innovated by AI technology alone." He further predicted, "Only financial institutions that possess unique data and trust, in addition to a customer-centric mindset, will be able to wield overwhelming influence."

He went on to present his vision, stating, "Kakao Bank is going all-in on AI-based changes to UI and UX," expressing a strong commitment to leading the future AI financial standard as an "AI Native Bank."

"Money 20/20" is one of the world's largest fintech events, encompassing both the finance and information technology (IT) industries. It is often referred to as the "CES" or "Davos Forum" of the fintech sector. Thousands of experts from financial service ecosystems around the world gather to share financial trends, innovative ideas, and discuss the future of financial technology.

This year's Asia edition of "Money 20/20" is expected to draw over 4,000 key figures from the fintech and digital industries representing 85 countries, including major financial centers such as Singapore, Hong Kong, and Sydney, as well as emerging powerhouses like Thailand, Indonesia, the Philippines, Malaysia, and Vietnam. Over three days, approximately 280 pioneers from the global financial sector will deliver lectures on topics such as banking, payments, and insurtech. Additionally, officials from financial authorities in Asian countries including Thailand, Japan, the Philippines, and Malaysia will speak, sharing insights on their respective financial policies and regulations.

Addressing fintech industry leaders from around the world, Yoon Ho Young presented his vision of the future of finance shaped by AI, as well as Kakao Bank's unique strategies and innovative cases that have established it as the standard for mobile banking. He introduced Kakao Bank's journey, highlighting that the bank reached 1 million customers just five days after launching its service in 2017, surpassed 10 million customers within two years, and has now become a bank used by more than one out of every two people in South Korea.

As Kakao Bank's growth strategy, Yoon Ho Young cited the bank's overwhelming customer traffic of 18 million MAU (Monthly Active Users) and signature deposit products such as Moim Account. He explained, "Kakao Bank's differentiated deposit products, the convenient transfer experience based on open banking, and the financial and lifestyle services that customers need have naturally led to continuous customer inflow and strengthened traffic."

He further emphasized that the foundation of Kakao Bank's platform business, which allows customers to access financial products from over 100 partner companies in one place, lies in its customer-centric mindset. He stressed that the company will actively pursue expansion into a comprehensive financial platform.

Yoon Ho Young stated, "At the core of Kakao Bank's growth is a customer-centric mindset aimed at maximizing convenience through technology and resolving customer inconveniences." He added, "We will become a consumer-centric platform that aligns with digital transformation, where customers, not banks, have the right to choose and take the lead, thereby spearheading a paradigm shift in the banking sector."

He also shared information about "Kakao Bank Score," the bank's independently developed credit scoring model (CSS) based on non-financial data, and its role in promoting inclusive financial innovation.

Kakao Bank is leading the globalization of "K-finance" by becoming the first domestic internet-only bank to expand into global markets.

The first overseas expansion of a domestic internet-only bank, which Kakao Bank launched successfully, is also progressing smoothly. Superbank, a digital bank in Indonesia in which Kakao Bank made a strategic equity investment, has already secured over 3 million customers and is growing rapidly. At the end of last year, Kakao Bank signed a financial consulting agreement, and new products incorporating Kakao Bank's ideas are expected to be introduced to the Indonesian market.

To obtain a license for a "virtual bank," the Thai version of an internet-only bank, Kakao Bank completed the submission of a license application to the Bank of Thailand in September last year, based on its partnership with Thai financial holding company SCBX (SCB X Public Company Limited). If the license is obtained, Kakao Bank plans to successfully transplant its digital finance DNA into the Thai market, which has seen relatively few entries by Korean financial companies, thereby contributing to the advancement of local financial technology.

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