KakaoBank CEO joins president's state visit to Mongolia

KakaoBank CEO Yun Ho-young attended the Korea-Mongolia Business Forum in Ulaanbaatar held on the sidelines of President Lee Jae Myung's state visit to Mongolia, the lender said Friday. Yun was the only CEO of a Korean commercial bank included in the president's business delegation during the three-day trip. At the forum held the previous day, Yun delivered a presentation titled "Beyond Banking, Into Every Life," introducing KakaoBank's digital banking model and its use of alternative credit scoring and artificial intelligence (AI) to broaden access to financial services. He said Korea's largest internet-only lender has lowered barriers to customers by reducing time, cost and credit constraints, citing its alternative credit assessment model as a key tool for extending loans to underserved borrowers. On the sidelines of the forum, KakaoBank signed a term sheet with Mongolia's MCS Holdings for a strategic investment in the latter's digital banking subsidiary, M Bank. KakaoBank plans to complete the investment in the Mongolian bank within this year after signing a final agreement and obtaini