Business · Companies · 6 hrs ago
South Korea approves fintech firm Finda’s purchase of Daewon Savings Bank
South Korea’s Financial Services Commission approved Finda’s purchase of Daewon Savings Bank on October 21.
Finda, a fintech company known for comparing and arranging loans, will own 60% of the bank, while JB Financial Group will hold the remaining 40% through Jeonbuk Bank.
The 12 billion won deal makes Finda the country’s first fintech firm to acquire a savings bank.
Until now, Finda has mainly connected customers with loans from other providers rather than offering banking products directly.
The acquisition lets Finda offer deposits and loans itself, including planned transaction accounts and mid-rate credit loans.
Finda will lead the bank’s technology and product development, while JB Financial Group will support risk management, internal controls and regulatory work.
Savings bank operations are expected to start as early as next year, and Finda plans to add capital to strengthen the bank.
South Korea’s Financial Services Commission approved fintech company Finda’s acquisition of Daewon Savings Bank on Oct. 21, 2026.
Finda will own 60% of the bank, while JB Financial Group will hold the remaining 40% through Jeonbuk Bank.
The 12 billion won deal marks the first time a South Korean fintech company has acquired a savings bank.
Finda plans to use the bank to offer deposit and loan products directly, including checking accounts and mid-interest personal loans.
The bank’s savings-bank business is expected to begin as early as early 2027.
- Who
- Fintech company Finda is acquiring Daewon Savings Bank, with JB Financial Group taking a 40% stake through Jeonbuk Bank.
- What
- South Korea’s Financial Services Commission approved the change of the bank’s largest shareholder.
- When
- Oct. 21, 2026.
- Where
- South Korea. Daewon Savings Bank is headquartered in Gyeongju.
- Why
- Finda aims to move beyond loan comparison and brokerage to provide deposits and loans directly, using its financial data and AI capabilities.
This story does not have two clearly opposing sides.
Finda signed a contract to acquire Daewon Savings Bank shares for about 12 billion won.
The Financial Services Commission approved the change of Daewon Savings Bank’s largest shareholder.
Finda plans to begin the bank’s savings-bank business.
- Deal value
- 12 billion won
- Finda’s stake
- 60% (7.2 billion won)
- JB Financial Group’s stake
- 40% (4.8 billion won), through Jeonbuk Bank
- Daewon Savings Bank headquarters
- Gyeongju
- Planned products
- Checking accounts and mid-interest personal loans
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What people are saying
Through this acquisition, we will go beyond comparing and brokering financial products and use the financial data and AI technology we have accumulated to create changes consumers can feel and lead innovation in the financial industry.
Through this acquisition, we will evolve into a company that directly designs and provides the finance consumers need, beyond comparing and brokering financial products.