Kakao to launch internet bank by June

News Broadband Korea, Republic of 8 JAN 2017
Kakao to launch internet bank by June

A consortium led by Kakao has applied for the government's approval for its plan to establish an internet-only bank. Kakao Bank has already submitted the application to the Financial Services Commission (FSC), Yonhap news agency reports. If approved, Kakao Bank would become South Korea’s second full-time digital bank after K-Bank led by domestic operator KT.

Kakao Bank has nine shareholders including Kakao Corp., the operator of the mobile chat app Kakao Talk, and KB Kookmin Bank. It has an initial capital of KRW 300 billion (approximately USD 250 million) and around 210 employees.

According to FSC, the authorities will decide whether or not to approve the application in the first quarter of this year. The bank plans to commercially launch its services by June.

Categories:

Internet

Companies:

KT

Countries:

Korea, Republic of

Tags:

Government telecommunications licensing, e-Payment, Government policy, Corporate strategy

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