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Three Consortia Apply for Internet-only Bank: Regulator

Three Consortia Apply for Internet-only Bank: Regulator

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 [...]

Regulator OKs Upping Kakao’s Stake in Internet Bank

Regulator OKs Upping Kakao’s Stake in Internet Bank

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 [...]

S. Korea Expected to Grant Initial Approval for 3rd Internet-only Bank Next Week

S. Korea Expected to Grant Initial Approval for 3rd Internet-only Bank Next Week

SEOUL, May 22 (Korea Bizwire) – South Korea’s financial regulator is expected to give preliminary approval next week to a consortium to set up the nation’s third Internet-only bank, senior officials at financial authorities said Wednesday. Two consortia, one led by fintech firm Viva Republica and another by brokerage Kiwoom Securities, have been short-listed for [...]

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 [...]