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S. Korea OKs 3rd Internet-only Bank

S. Korea OKs 3rd Internet-only Bank

SEOUL, Dec. 16 (Korea Bizwire) — South Korea’s financial regulator on Monday granted preliminary approval for a new internet-only bank, a move that could further fuel competition with established bigger players and foster the fledging market. The Financial Services Commission (FSC) gave the initial approval to the consortium led by South Korean fintech firm Viva [...]

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 Rejects 2 Applications for Online Banks

Regulator Rejects 2 Applications for Online Banks

SEOUL, May 26 (Korea Bizwire) — In an unexpected turn of events, South Korea’s financial regulator on Sunday rejected applications by two consortia to set up the nation’s third and fourth Internet-only banks. One consortium is backed by financial technology firm Viva Republica and the other is led by brokerage Kiwoom Securities. The Financial Services [...]