Kakao Bank joins forces with stock brokerages

Kakao Bank said Wednesday its customers can now open KB Securities stock trading accounts via its platform.

The local brokerage under KB Financial Group is the latest securities company to forge a partnership with the internet-only bank.

As of May, Kakao Bank had ushered in some 2 million accounts for two brokerages -- Korea Investment & Securities and NH Investment & Securities.

The company said its easy-to-use platform appeal to those in their 20s and 30s, who tend to prefer mobile services over face-to-face ones.

KakaoTalk, the nation’s largest mobile messenger service operated by the bank’s parent firm, Kakao, is another factor enabling the online bank to attract users at a relatively fast pace. The mobile messenger service currently has more than 100 million subscribers, while the number of Kakao Bank subscribers exceeded 11.5 million as of 2019.

“Kakao Bank customers now have a wider range of options to choose for stock trading thanks to the latest partnership,” said an official from the firm. “The company will expand partnerships with other stock brokers in the near future.”

As a promotional event, the online bank will give 5,000 won ($4.10) in cash to those who open KB Securities accounts for the first time until July 14. The new account holders will be exempt from brokerage fees for five years.

By Kim Young-won (wone0102@heraldcorp.com)