Fintech company Finda is entering the savings bank business through the acquisition of Daewon Savings Bank. The company plans to move beyond a business model of comparing and brokering loan products from financial firms. It aims to expand into designing and supplying financial products directly. This is the first acquisition of a savings bank by a domestic fintech company.

Finda said on Tuesday it received approval from the Financial Services Commission for a change of major shareholder to acquire Daewon Savings Bank.

Daewon Savings Bank was established in 1998 and is headquartered in Gyeongju, North Gyeongsang Province. The total transaction value is 12 billion won. Finda secured a 60% stake to become the largest shareholder. The remaining 40% will be held by Jeonbuk Bank, an affiliate of JB Financial Group.

The two sides plan to split roles in operating the savings bank. Finda will lead service development and digital transformation using financial data and artificial intelligence technology. Jeonbuk Bank will support loan soundness management, internal controls and responses to financial regulations based on its experience running a financial company.

Finda will also start developing its own financial products following the acquisition. It plans to sequentially introduce deposit and withdrawal accounts and mid-interest-rate unsecured loans, among other deposit and loan products, after analysing customers' financial transaction needs.

It also plans to build an "AI-native banking" system that uses AI agents across overall financial operations. The company aims to improve operational efficiency through automation of repetitive tasks and develop products tailored to each customer's financial situation.

Finda is a financial platform company founded in 2015. After its online loan comparison and brokerage service was designated as an innovative financial service by the Financial Services Commission in May 2019, it has expanded related businesses. It currently partners with 98 financial institutions to broker more than 300 loan products, and cumulative loan brokerage volume has exceeded 15 trillion won.

Finda CEO Hye-min Lee (이혜민) said the company will move beyond comparing financial products and directly develop and supply products customers need. She said it will use accumulated financial data and AI technology to respond to a range of financial demand.