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 [...]
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 [...]
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 [...]
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 [...]
SEOUL, Aug. 11 (Korea Bizwire) — A new survey has that found four in ten users of the new Kakao Bank online banking app have a monthly salary of over five million won. The survey, conducted by pollster Nice RNC, revealed that among 9,600 users of the banking app aged between 20 and 59, those falling [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]