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Conducting face-to-face surveys is difficult and cost prohibitive, necessitating a new attempt to build a probability-based panel in South Korea. Since 99.9% of adult Koreans own a mobile phone, mobile phone numbers provide a viable sampling frame. Random digit dialing (RDD) surveys were conducted August-December 2021. Of the 288,056 valid phone numbers dialed, 13,655 respondents between the ages of 19 and 69 completed a phone survey. These respondents were later invited by text message to join a panel; 3,202 of these (23.4% or 1.2% based on the number initially contacted) joined the panel. When compared to official government statistics like resident registration data, the census, or the Social Survey, this new probability-based panel can be said to be representative of the Korean population on the basis of age, gender, location, marital status, and household size after weighting is applied. However, even after weighting, panel members are more educated than the general population, white-collar workers and self-employed people are overrepresented, and blue-collar workers are underrepresented. As of February 2023, this panel has grown to 10,471 participants with plans to continue to invite more panel members in the same way. Based on the comparisons in this paper, we can regard this panel as a cost-effective, probability-based panel that may be used for various kinds of public opinion research, by researchers both within and outside of Korea. As we continue to refine and grow this panel, we hope it will become more widely used by researchers as well as provide a model for those building similar panels in other countries.