KRX:323410

KakaoBank, SCBX Enter JV Agreement to Launch Virtual Bank in Thailand

KakaoBank (KRX:323410) and Thailand's SCB X Public Company (BKK:SCB) signed a joint venture agreement to establish a virtual bank in Thailand, the bank said in a Wednesday release.The virtual bank will offer banking services exclusively via digital platforms without physical branches. KakaoBank will initially acquire a 10% stake in the joint venture and plans to raise it to 24.5%, according to the release.The virtual bank aims to begin operations after completing system development and securing final approval from the Bank of Thailand, the release said.Shares of KakaoBank and SCB X Public Company fell nearly 3% at market close.