Fintech company Finda is entering the savings bank industry. This marks the first time a fintech company has acquired a savings bank.
Finda announced on the 21st that it received approval from the Financial Services Commission for the change of major shareholder in connection with its acquisition of Daewon Savings Bank. Daewon Savings Bank is a mutual savings bank established in 1998, headquartered in Gyeongju, North Gyeongsang Province.
Finda became the largest shareholder by securing a 60% stake in Daewon Savings Bank out of the total acquisition amount of 12 billion won. JB Financial Group will hold the remaining 40% stake through Jeonbuk Bank. Based on Finda's financial data and information technology (IT) capabilities, along with Jeonbuk Bank's experience in operating financial services, the two plan to leverage synergies to enhance the capital stability and operational efficiency of the savings bank.
Finda and JB Financial Group have established a mutually complementary cooperation framework. Finda will lead the operation of "AI-native banking" alongside technological innovation, while JB Financial Group will support risk and loan soundness management, internal controls, and regulatory compliance based on Jeonbuk Bank's expertise in the banking industry. The two companies plan to strengthen the competitiveness of the savings bank by combining the innovativeness of fintech with the stability of regulated finance, adapting to the rapidly changing financial environment.
Established in 2015, Finda has grown into a leading domestic fintech company, having been the first to be selected for the Financial Services Commission's innovative financial services program in May 2019 for its online loan comparison and brokerage service, and accumulating over 15 trillion won in total loan brokerage volume. Currently, it brokers more than 300 loan products through partnerships with 98 financial institutions, which is among the highest in the industry.
Through this acquisition, Finda plans to supply customer-tailored financial products designed directly by the company to financial consumers. The company stated that it intends to launch differentiated deposit and lending products unique to Finda, including checking accounts and mid-interest-rate credit loans, tailored to consumer demand.
Finda plans to realize "AI-native banking" by combining its accumulated financial data with IT and AI capabilities. Additionally, the company aims to introduce AI agents across all business operations to boost productivity and operational efficiency, while unveiling financial products optimized for customers' financial situations.
Lee Hye-min, CEO of Finda, said, "Through this acquisition, we will evolve into a company that directly designs and provides the finance needed by consumers, going beyond financial product comparison and brokerage." She added, "By leveraging the financial data and AI technology accumulated over more than 10 years, we will actively respond to diverse customer financial needs, create changes that financial consumers can feel, and lead innovation in the financial industry."
in FINANCE
