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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 [...]

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 [...]

Financial Regulator Vows Flexible Rules to Help Fintech Industry Growth

Financial Regulator Vows Flexible Rules to Help Fintech Industry Growth

SEOUL, Sept. 21 (Korea Bizwire) — The head of the Financial Supervisory Service (FSS) said Thursday the regulator seeks to build an innovation-friendly financial environment to help the growth of the financial technology industry. Choe Heung-sik, governor of the FSS, made the remarks during a conference in Seoul to debate how best the financial industry [...]