South Korea's Financial Services Commission approved on 21 October a change of major shareholder at Daewon Savings Bank in favour of Finda. Finda, a loan comparison and management platform, will hold 60% and become the largest shareholder. The remaining 40% will belong to JB Financial Group through Jeonbuk Bank. It is the first time a fintech company has acquired a savings bank in the country.

What it means: The move reflects a path more and more fintechs are taking worldwide: instead of remaining intermediaries that refer customers to banks, they obtain their own licence or buy a small bank. That lets them lend from their own deposits and keep a larger share of the value. For Finda, which already sees a large volume of loan applications through its platform, access to deposits and a lending licence is the logical next step. The participation of a traditional banking group with a minority stake clearly helps with regulatory approval and risk management. In Europe there have been similar examples, such as crypto and payment firms buying small banks to gain a licence. For the Greek market, where loan comparison platforms and payment providers are growing, the example shows that obtaining a banking licence is possible but needs capital, partnerships and a convincing plan for supervisors. The practical question for any such company is whether it can carry the supervisory costs a banking licence brings.

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