The co-CEOs of Kakao Bank give a presentation at the launch in Seoul on Thursday. /Newsis
Korea's second Internet-only bank Kakao Bank was off to a roaring start when it opened its virtual doors on Thursday morning.
Customers' response was overwhelming, with 280,000 downloading the bank's smartphone app, 20,000 deposit accounts with over W36 billion opened and W14.1 billion extended in loans on the first day of business (US$1=W1,115). So many customers accessed the website on the first day that the computer system froze temporarily.