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Digital bank seeks gov't approval for service

All News 17:30 January 06, 2017

SEOUL, Jan. 6 (Yonhap) -- A consortium led by Kakao Corp. on Friday applied for the government's approval for its plan to establish an Internet-only bank.

Kakao Bank submitted the application to the Financial Services Commission (FSC) to start business. If approved, it would become the nation's second full-time digital bank after K-Bank led by KT Corp.

The envisioned lender to be headquartered in Pangyo, Gyeonggi Province, has nine shareholders including Kakao Corp., the operator of the mobile chat app Kakao Talk, and KB Kookmin Bank.

It has the initial capital of 300 billion won (US$250 million) and around 210 employees.

The FSC said the authorities will decide whether or not to endorse the application in the first quarter of this year, as the bank aims to begin 24-hour service by June.

Last month, the regulatory body issued a business license for K-Bank.

An image of South Korea's two planned online-only banks in a photo provided by Yonhap News TV. (Yonhap)


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