KakaoBank’s Yun receives The Innovation Leadership Achievement in South Korea Award for 2018
Hoyoung Yun, chief executive officer, KakaoBank, established the first digital bank in South Korea, which achieved a strong growth of five million customers within six months, backed by innovative services.
- Hoyoung Yun was recognised as the outstanding leader who championed innovation in South Korea through KakaoBank
- He led the bank in adopting emerging technology as a key enabler
- A sound and visionary leader, he has demonstrated a distinguished career as a senior executive and founder of several companies besides his recent success in KakaoBank
Hoyoung Yun, chief executive officer, KakaoBank, was awarded The Innovation Leadership Achievement in South Korea Award 2018 at The Asian Banker The Future of Finance Summit 2018,held at the Summer Palace, Beijing, China. The guest of honour at the Leadership Achievement Awards Ceremony and Dinner was Sir Tim Berners-Lee, inventor of the World Wide Web, and was attended by about 100 top banking and financial industry executives from across Asia Pacific, the Middle East and Africa.
Hoyoung Yun was recognised by the Council of Advisors of The Asian Banker Leadership Achievement Award Programme for his outstanding leadership as a champion of innovation in South Korea through KakaoBank. A highly experienced leader with several senior executive and founder roles under his hat, Hoyoung Yun led the establishment of one of the first digital banks in the country, disrupting the market with “speed” and “convenience”. This success comes from the development of an intuitive mobile-based offering, which was more accessible, faster, and competitive in terms of pricing and service.
Under his leadership, KakaoBank rapidly expanded its customer base and acquired $3.6 billion deposit and $3.12 billion loans within three months after it was launched. After six months, the bank acquired five million customers, propelled by the adoption of technology as its key enabler. The bank acquired all customers digitally, automated processes through robotics process automation, introduced a robo-advisory platform, and launched big data analytics-based services.
He was recognised for his sound and visionary leadership in creating and fostering an environment and culture of innovation in KakaoBank while playing a role in shaping South Korea’s banking industry. He previously established Korea's online direct insurance company, ERGO Daum Direct Insurance in 2003 as one of founders and managed the information and communication technology company “Daum and Kakao” in 2009-2015.
Standing from left: Foo Boon Ping, Managing Editor, The Asian Banker; Paul Chow, former chief Executive of Hong Kong Exchange and member of The Asian Banker Leadership Achievement Advisory Council; Anthony Thomas, CEO, Mynt; and David Gyori, International Resource Director, The Asian Banker
The Asian Banker’s Innovation Leadership Achievement Awards underscore the importance of sound and visionary leadership in creating and fostering an environment and culture of innovation in individual institutions and also playing a role in shaping the industry. It seeks to recognise distinguished executives whose vision, efforts, and commitment inspire and champion the innovation that are already well regarded by peers in the industry. It takes stock of the achievements in innovation, leadership qualities, and resilience of each nominated candidate to successfully respond to and overcome adversities and crisis during the period under review. The final selection is reviewed and validated by the International Council of Advisors.
Keywords: Innovation, Financial Inclusion, Technology, Mobile Payments
Country: South Korea
Region: East Asia
Guest: Hoyoung Yun