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South Korea has first online-only bank

South Korea has launched its first online-only bank, K Bank. It began operations with more than 20,000 new customers. On the day the bank launched its service, nearly 15,320 internet-only bank accounts were opened, surpassing the monthly average number of new customers at major South Korean banks. K Bank saw more than 1,000 loans and nearly 13,500 debit cards issued on day one, while the monthly average number of newly-opened accounts from December 2015 to December 2016 at major South Korean banks was estimated at 12,000. The bank said most banking services including loans will be provided online for both mobile devices and desktop computers and the bank will have no physical branches.

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