In South Korea, Kakao started off as a messaging app, before adding an e-wallet to the platform, and finally providing a full-fledged digital bank. Leveraging network effects and Kakao Talk's massive customer base of 46 million monthly active users, KakaoBank was able to reach profitability after less than two years in operation. KakaoBank started trading in August, becoming the first online-only bank in Asia to go public. With 34 million customers, KakaoBank is the fourth largest neobank in APAC, according to the report.