Fintech platform Finda moves to buy Daewon Savings Bank, aiming for AI-native bank

Industry officials said Finda, a loan-comparison platform, is set to acquire Daewon Savings Bank for about 12 billion won, pending final approval from the Financial Services Commission. The regulator's subcommittee approved the application on Friday, with a final decision scheduled for the upcoming Wednesday meeting. The acquisition would shift Finda from merely matching borrowers with lenders to offering full banking services, including loans and deposits, and it plans to appoint a new CEO once the deal closes.

Leveraging AI technology and data gathered since 2019, the fintech aims to build an AI-native bank that operates primarily online across South Korea. Challenges include handling losses from real-estate financing, rising funding costs, and complying with rules that require savings banks to allocate a portion of funds to specific regions. Daewon Savings Bank, based in Gyeonggju, currently holds assets of 3.1 billion won and has minimal loan activity, while Finda's second-largest shareholder, JB Financial Group, will support the expansion.