Finda to become 1st fintech firm to acquire savings bank

Finda, a loan comparison platform, is set to acquire a savings bank, in what would be a first for a Korean fintech company, as it looks to build an artificial intelligence (AI)-native bank, industry officials said Monday. The Financial Services Commission's subcommittee approved Finda's application to acquire Daewon Savings Bank on Friday. The regulator is set to make a final decision at its regular meeting Wednesday. Finda signed a deal in June to acquire all of Daewon Savings Bank's shares for about 12 billion won ($9 million). The acquisition would allow the company to move beyond matching borrowers with lenders and offer financial services directly, including loans and deposits. Once the deal receives final approval, Finda plans to appoint a new CEO through board and shareholder meetings. The fintech firm aims to turn the lender into an AI-native bank, relying on digital services rather than a traditional network of branches. It plans to draw on AI technology and loan-comparison data it has collected since 2019 to expand its online lending business nationwide, the firm said. The compa