April 24, 2024

• 

[THE INVESTOR] The internet bank of Kakao Corp., is expected to get final regulatory approval early next month, an industry source said on March 30.

The Financial Services Commission will hold a meeting on April 5 to grant the final approval for Kakao’s internet bank, the source said on condition of anonymity.

An internet bank offers banking and financial services without any branch networks.

K-Bank, the nation’s first internet bank, which won the final approval last December, is scheduled to launch its services on April 3.

If it wins a final approval, Kakao’s internet bank will start its services by the first-half of this year.

With a paid-in capitalization of 300 billion won (US$269.8 million), Korea Investment Holdings Co. holds a 58 percent stake in Kakao Bank.

Kakao, Kookmin Bank, Korea Post, Netmarble and Tencent Holdings of China are among shareholders of Kakao Bank.

By Alex Lee and newswires (alexlee@heraldcorp.com)