Finda to become 1st fintech firm to acquire savings bank
Finda, a loan comparison platform, is set to acquire a savings bank, in what would be a first for a Korean fintech company, as it looks to build an artificial intelligence (AI)-native bank, industry officials said Monday. The Financial Services Commission's subcommittee approved Finda's application to acquire Daewon Savings Bank on Friday. The regulator is set to make a final decision at its…
Finda, a Korean loan comparison platform, is poised to become the first fintech firm to acquire a savings bank, according to industry officials. The Financial Services Commission's subcommittee granted Finda's application to acquire Daewon Savings Bank on Friday, with the regulator expected to make a final decision at its regular meeting on Wednesday.
In June, Finda signed a deal to purchase all of Daewon Savings Bank's shares for approximately 12 billion won, which is equivalent to $9 million. This acquisition will enable Finda to transition from merely matching borrowers with lenders to offering a broader range of financial services, such as loans and deposits. Upon receiving final approval, Finda plans to appoint a new CEO through board and shareholder meetings.
The fintech company aims to transform Daewon Savings Bank into an AI-native bank by leveraging its digital services, digital loan data collected since 2019, and AI technology to expand its online lending business across the nation.
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- Finda to become 1st fintech firm to acquire savings bank koreatimes.co.kr
