Shinhyup's 'OnBank' Gains Popularity... 80,000 App Subscribers in Just Two Months

Membership Enrollment via OnBank
Increases by an Average of 400 Members per Month

[Asia Economy Reporter Kim Min-young] The National Credit Union Federation of Korea's mobile banking application (app) 'OnBank' is gaining popularity.

The Credit Union announced on the 30th that the number of subscribers exceeded 80,000 just two months after the launch of OnBank.

OnBank is the first mobile app in the mutual finance sector that allows non-face-to-face membership registration and share deposit account opening. It has become popular as a tax-free financial technology service available on mobile, with about 400 new members joining every month.

Users can subscribe to various deposit products. In particular, through exclusive products such as Union Regular Savings, Fixed Deposits, and Flexible Installment Savings, users can enjoy tax-free benefits (however, a 1.4% agricultural special tax applies). The Credit Union attracted 200 billion KRW in deposits within two months.

Emergency living funds and new loans are also available. The exclusive product '815 My Pocket Credit Loan' offers up to 5 million KRW, and the '815 Overdraft Loan' has a limit of up to 100 million KRW. Quick loans are possible within 2-3 minutes without visiting or submitting separate documents, and there is no early repayment fee, making it popular among users. Additionally, the Worker’s Sunshine Loan can be applied for via mobile.

Kim Yoon-sik, Chairman of the National Credit Union Federation of Korea, said, “OnBank focuses on maximizing user convenience by consolidating the financial needs of 13 million users,” adding, “We will become a more reliable credit union so that anyone in the nation can conveniently use any of the 883 credit unions nationwide anytime and anywhere.”