On the morning of the 20th, KakaoBank's stock price is strong at around 6%. This is following the news that KakaoBank has obtained a virtual banking license from the Thai government. It is the first entry of a Korean bank into the Thai market in about 25 years.
As of 9:36 a.m. on the 20th, KakaoBank is trading at 29,950 won, up 1,850 won (6.58%) compared to the previous trading day on the securities market. It briefly reached 32,850 won early in the session, setting a new annual high.
Earlier, KakaoBank announced on the 19th that a consortium formed with the Thai financial holding company SCBX was selected as a virtual banking operator by the Thai Ministry of Finance.
KakaoBank plans to lead the planning of products and services, as well as the construction of information technology (IT) systems for the virtual bank to be established, and participate as the second-largest shareholder.
The preparatory legal entity for the launch of the virtual bank will be established in the third quarter of this year. After about a year of preparation, it plans to start operations in Thailand in the second half of next year.