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KakaoBank to team up with Citibank for global wire services

PUBLISHED : June 15, 2017 - 15:55

UPDATED : June 15, 2017 - 15:55

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[THE INVESTOR] KakaoBank is in talks with Citigroup to provide international money transfer services, according to a Chosun Biz report on June 15. 




The banking unit of messenger app giant Kakao will officially launch in July and announced that it will offer global wire services at one-tenth the commission charged by other banks -- that can be up to 30,000 won depending on the amount. It has been operating a beta service since May 25.

KakaoBank will utilize the global network of the US financial behemoth spread over 160 countries around the world, especially in the American region, according to an industry source. 

Using KakaoTalk as its platform, KakaoBank will be the country’s second internet-only bank. A consortium of nine firms including Kakao, Korea Investment Bank Holdings, KB Kookmin Bank and Netmarble Games have invested a total of 300 billion won (US$266.88 million) to establish it.

By Hwang You-mee (glamazon@heraldcorp.com)

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