FSS and KODIT Launch First Joint Inspection of KakaoBank

The Financial Supervisory Service (FSS) and the Korea Deposit Insurance Corporation (KDIC) are set to conduct their first joint inspection of KakaoBank.

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According to financial authorities and the financial sector on the 10th, the FSS and KDIC have selected KakaoBank as the target for their joint inspection. This is the first time the FSS and KDIC are conducting a joint inspection of an internet-only bank. The inspection is scheduled to begin in June.

The joint inspection of KakaoBank was requested by the KDIC. Considering concerns such as digital bank runs triggered by incidents like the Silicon Valley Bank (SVB) crisis in the United States, the KDIC will focus on examining the liquidity and risk management status of internet-only banks.

The FSS will also comprehensively inspect KakaoBank’s asset soundness, liquidity, and IT-related risks. The FSS previously conducted a regular inspection of KakaoBank in 2021.

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