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Regulator to Grant 2 Internet-only Bank Permits Next Year

Regulator to Grant 2 Internet-only Bank Permits Next Year

SEOUL, Sept. 21 (Korea Bizwire) — The financial regulator said Friday it will give preliminary approval next year for two groups to launch Internet-only banks, as the government aims to reinvigorate the banking industry. Choi Jong-ku, chairman of the Financial Services Commission (FSC), made the remarks a day after the National Assembly passed a bill [...]

Tech Firms Could Become Top Shareholder of Internet-only Bank: Regulator

Tech Firms Could Become Top Shareholder of Internet-only Bank: Regulator

SEOUL, Aug. 21 (Korea Bizwire) — The head of the financial regulator said Tuesday that technology firms could become a top shareholder of an Internet-only bank as the government moves to ease regulations on Web-only banks’ ownership structure. Under the current banking law, a nonfinancial firm is banned from owning 4 percent of voting stocks [...]

K-Bank Raises Deposit Rate to Fend off Kakao Bank

K-Bank Raises Deposit Rate to Fend off Kakao Bank

SEOUL, Aug. 9 (Korea Bizwire) — K-Bank, South Korea’s first Internet-only bank, said Wednesday it has raised its deposit rate, in an apparent bid to fend off its competitor, Kakao Bank. K-Bank increased the rate it offers on a 1-year time deposit by 10 bps to 2.1 percent, compared with 2 percent offered by Kakao [...]