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Cabinet Endorses Bill That Eases Ownership Rule for Internet-only Banks

Cabinet Endorses Bill That Eases Ownership Rule for Internet-only Banks

SEOUL, Jan. 8 (Korea Bizwire) – The Cabinet on Tuesday endorsed a bill that eases ownership rules for Internet-only banks as the government plans to grant approval to more web-only banks this year, the financial regulator said. The bill allows information technology firms, such as Internet portal Naver or gaming firm Nexon, to hold more [...]

2 Internet-only Bank Permits Can be Granted Next May: Regulator

2 Internet-only Bank Permits Can be Granted Next May: Regulator

SEOUL, Dec. 23 (Korea Bizwire) — The financial regulator said Sunday it can give preliminary approval to two Internet-only banks in May next year, but hinted that only one group could receive approval if another group is unsuccessful. Two Internet-only banks — K-Bank and Kakao Bank — were launched last year, challenging traditional banks in [...]

Parliamentary Panel Passes Bill on Deregulation of Internet Bank Ownership

Parliamentary Panel Passes Bill on Deregulation of Internet Bank Ownership

SEOUL, Sept. 19 (Korea Bizwire) — A parliamentary committee on Wednesday approved a bill aimed at allowing nonfinancial firms to have up to a 34 percent stake in Internet-only banks, easing the current 4 percent ownership limit for financial industry reform. The National Policy Committee agreed that family-owned conglomerates, known as chaebol, will not be [...]

Kakao Bank Aims to Lead Online Payment Market: co-CEOs

Kakao Bank Aims to Lead Online Payment Market: co-CEOs

SEOUL, Jul. 5 (Korea Bizwire) — Kakao Bank, South Korea’s second Internet-only bank, aims to eventually lead the online payment market, by taking advantage of its robust mobile ecosystem, the bank’s two co-chief executives said Tuesday. Kakao Bank, led by Kakao Corp., operator of Korea’s dominant messaging app KakaoTalk, is set to officially begin its [...]

Internet Banks to Innovate South Korea’s Financial Sector

Internet Banks to Innovate South Korea’s Financial Sector

SEOUL, April 3 (Korea Bizwire) – Internet-only banks will promote innovation in South Korea’s financial sector that has been struggling with slower growth and slim margins, the financial regulator head said Monday.  Yim Jong-yong, chairman of the Financial Services Commission (FSC), made the remarks as one of two Internet banks, K-Bank, launched its operations earlier [...]

Kakao’s Internet Bank to Get Final Approval on April 5

Kakao’s Internet Bank to Get Final Approval on April 5

SEOUL, March 30 (Korea Bizwire) – The Internet bank of Kakao Corp., South Korea’s dominant chat app, is expected to win a final regulatory approval early next month, an industry source said Thursday, clearing the final hurdle for Kakao to launch the nation’s second Internet bank.  The Financial Services Commission (FSC) will hold a meeting [...]

Korean FSC Introduces Hand-Scanning Bio-Pay, First 24/7 Internet-Only Banks

Korean FSC Introduces Hand-Scanning Bio-Pay, First 24/7 Internet-Only Banks

SEOUL, Jan. 5 (Korea Bizwire) – The Financial Supervisory Commission announced Thursday that it will introduce a new biometric payment method that will use the veins on the palm of the hand for identification.  According to officials, consumers will be able to make payments by simply having their palm scanned at offline outlets without the [...]

Gov’t Approves S. Korea’s First Internet-Only Bank

Gov’t Approves S. Korea’s First Internet-Only Bank

SEOUL, Dec. 14 (Korea Bizwire) – South Korea’s financial authorities on Wednesday approved a plan to establish the country’s first online-only bank, opening a new chapter in its banking history.  It would mark the first time here in 24 years for a brand-new bank to be born, according to the Financial Services Commission (FSC).  The [...]

Internet-Only Bank Seeks Gov’t Approval for Service

Internet-Only Bank Seeks Gov’t Approval for Service

SEOUL, Sept. 30 (Korea Bizwire) – South Korea’s financial regulatory body said Friday it will soon decide whether to issue a permit for the nation’s first online-only bank.  Two consortiums, one led by KT Corp. and the other by Kakao Corp., are preparing to enter the banking sector with their technical expertise.  KT’s consortium submitted [...]