SEOUL, Sept. 3 (Korea Bizwire) — In South Korea, a rush for loans at internet banks is intensifying as the country’s five largest banks continue to impose lending restrictions. Customers are flocking to online lenders, which are perceived as more accessible, in a phenomenon known as “open runs” – where borrowers attempt to secure loans as [...]
SEOUL, Sept. 3 (Korea Bizwire) — South Korea’s major financial holding firms that control large-sized commercial banks are asking financial authorities to grant them Internet bank licenses as a way to cope with competition from Kakao Bank and K-Bank. The four entities – KB Financial Group Inc., Shinhan Financial Group Co., Woori Financial Group Inc. and [...]
SEOUL, July 20 (Korea Bizwire) — Kakao Bank, South Korea’s largest internet-only bank, will seek to expand into new business areas and become the country’s No. 1 financial platform, the company’s CEO said Tuesday. “Kakao Bank will strive to emerge as the top financial platform and break into such areas as insurance, fund and asset [...]
SEOUL, June 9 (Korea Bizwire) — South Korea’s financial regulator on Wednesday granted the final approval for a new internet-only bank, a move that could further fuel competition with established bigger players. The Financial Services Commission (FSC) gave the approval to the consortium led by South Korean fintech firm Viva Republica, which operates the popular [...]
SEOUL, April 15 (Korea Bizwire) — BC Card Co., a credit card processing firm owned by KT Corp., plans to acquire a 34 percent stake in the internet-only K-Bank, the company said Wednesday. The move came after KT’s plan to become the biggest shareholder of K-Bank faltered due to a legal hurdle. BC Card said [...]
SEOUL, March 6 (Korea Bizwire) — The National Assembly on Thursday voted down a bill intended to loosen the eligibility requirement for the largest shareholder of an internet-only bank. A revision of the Act on Special Cases Concerning Establishment and Operation of Internet-only Banks failed to pass in parliament, as 82 of 184 lawmakers on [...]
SEOUL, Dec. 16 (Korea Bizwire) — South Korea’s financial regulator on Monday granted preliminary approval for a new internet-only bank, a move that could further fuel competition with established bigger players and foster the fledging market. The Financial Services Commission (FSC) gave the initial approval to the consortium led by South Korean fintech firm Viva [...]
SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s financial regulator said Tuesday it received applications from three consortia, including one led by a fintech firm, for a license to set up a new internet-only bank. Fintech firm Viva Republica led one consortium, which included KEB Hana Bank, Hanwha Investment & Securities and the Korean unit [...]
SEOUL, Oct. 8 (Korea Bizwire) — KEB Hana Bank, a major South Korean commercial bank, has withdrawn from a consortium led by brokerage Kiwoom Securities that is expected to submit a bid for a license to set up an internet-only bank, an industry source said Tuesday. The consortium led by Kiwoom Securities was one of [...]
SEOUL, Jul. 24 (Korea Bizwire) — Kakao Corp., the operator of South Korea’s leading messenger app Kakao Talk, got a nod from the country’s financial regulator Wednesday to raise its stake in the Internet-only bank Kakao Bank. Kakao Bank, the country’s second Internet-only bank, began operations in July 2017 and quickly gained popularity among local [...]