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Internet-Only Banks Held Back by Government as Financial Landscape Shifts

Internet-Only Banks Held Back by Government as Financial Landscape Shifts

SEOUL, April. 7 (Korea Bizwire) – K Bank, South Korea’s first internet-only bank that opened Monday after months of anticipation, is already off to a good start, leaving more excitement for the upcoming launch of the second bank of its kind, Kakao Bank.  Over 100,000 locals had opened a K Bank account as of Thursday, [...]

Korea’s First Direct Bank Attracts over 60,000 Accounts in Just 2 Days

Korea’s First Direct Bank Attracts over 60,000 Accounts in Just 2 Days

SEOUL, April 4 (Korea Bizwire) – South Korea’s first Internet-only bank, K-Bank, has attracted more than 60,000 accounts in just two days since launching operations, the lender said Tuesday.  K-Bank, formed by a consortium of KT Corp., Woori Bank and 19 other companies, began its operations at midnight Sunday.  The pace of growth in K-Bank’s [...]

South Korea’s First Internet-only Bank Off to a Good Start

South Korea’s First Internet-only Bank Off to a Good Start

SEOUL, April 4 (Korea Bizwire) – Yesterday marked the official launch of South Korea’s very first online-only bank, K Bank, and more than 20,000 new customers have already signed up to open new accounts. On the day the bank launched its service, nearly 15,320 internet-only bank accounts were opened by three in the afternoon, surpassing [...]

K Bank Revealed: Phone Booths will be Used as Hubs to Connect with Clients

K Bank Revealed: Phone Booths will be Used as Hubs to Connect with Clients

SEOUL, Dec.1 (Korea Bizwire) – K Bank Consortium, which has gained preliminary approval as an internet-only bank, pledged that it will create an innovative success model and lead the revitalization of the economy. Company officials also mentioned their vision to make ‘community neo-banks’ that are friendly and easy to use for everyone. Officials also laid [...]

Interpark Join Forces with SK Telecom for Internet-only Bank

Interpark Join Forces with SK Telecom for Internet-only Bank

SEOUL, Aug. 26 (Korea Bizwire) – South Korea’s leading online shopping site Interpark said Wednesday it has joined forces with the nation’s top mobile carrier and several other firms to win regulatory approval for running an Internet-only bank. Interpark said its consortium includes SK Telecom, the state-run Industrial Bank of Korea, GS Home Shopping and four [...]

‘Portal Internet Banks’ will Attract Customers through Portal Sites

‘Portal Internet Banks’ will Attract Customers through Portal Sites

SEOUL, August 4 (Korea Bizwire) – If internet portal sites such as Naver and Daum Kakao were to establish internet-only banks, they would be allowed to enroll new customers on their own portal sites. However, when banks set up internet-only financial institutions and are the largest shareholder, they could be disadvantaged during the accreditation review. The [...]