The CEOs of three internet-only banks are directly going abroad to study how to utilize artificial intelligence (AI) technology in the global market. As digital technology is a key factor determining the competitiveness of internet banks, the management’s willingness to acquire the latest tech trends is evident. Additionally, as domestic internet banks prepare for overseas expansion, it is interpreted as a strategy to widen their engagement with overseas markets.
According to the financial sector on the 9th, Lee Eun-mi, CEO of Toss Bank, recently visited the western region of the United States, including Silicon Valley and Los Angeles, completing a two-week business trip. This trip was arranged after Goodwater Capital, a venture capital firm in the U.S. that holds equity in Toss Bank, invited Lee to its regular shareholders' meeting. During her trip, Lee met with bank founders and fintech officials in the western U.S. to observe local financial firms' AI utilization cases and discussed the direction of next-generation digital financial development.
KakaoBank and Kbank are also showing great interest as their CEOs directly go abroad to grasp global AI trends. Yoon Ho-young, CEO of KakaoBank, served as a keynote speaker at the 'Money 2020 Asia' event held in Bangkok, Thailand, last April. Money 2020 Asia is one of the largest fintech events in Asia. This year’s event focused on AI and was attended by corporations from 85 countries, sharing cases of fintech combined with AI.
Choi Woo-hyung, the CEO of Kbank, participated in the Mobile World Congress (MWC) held in Barcelona, Spain, in March. This marks the first instance of a CEO from a domestic internet bank attending the MWC. Choi instructed to seek ways to apply the AI technology trends identified during his meetings with major corporations to Kbank's business.
The reason internet bank CEOs are going abroad to study AI trends is to enhance service competitiveness and achieve both domestic and international expansion. As the mobile application (app) usage environment of commercial banks develops, internet banks are looking for digital services to outpace commercial banks. AI has been chosen as a critical field in this process. The management’s efforts to learn about global AI trends indicate that internet banks are pouring company-wide efforts into securing superior service competitiveness.
Moreover, the CEOs' push to meet with local corporations is also part of a blueprint strategy for overseas expansion. KakaoBank is participating in a consortium to establish a virtual bank in Thailand. Toss Bank announced this year that it plans to expand overseas within the next five years. A financial sector official noted, "The CEO’s overseas schedule is not just a simple tour; it has the effect of meeting with local financial authorities to learn about the regulatory environment and raise the visibility of global financial companies."