April 20, 2024
Mobile & Internet
FSC approves second internet bank
[THE INVESTOR] South Korea’s financial regulator granted a final approval to Kakao Bank on April 5, paving the way for the nation’s second internet-only bank.
The approval by the Financial Services Commission came as its rival K-Bank, the first internet-only bank, which started operations earlier this week, appears to have succeeded in attracting customers.
With a paid-in capitalization of 300 billion won (US$266.70 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 the shareholders of Kakao Bank.
By Alex Lee and newswires (alexlee@heraldcorp.com)
The approval by the Financial Services Commission came as its rival K-Bank, the first internet-only bank, which started operations earlier this week, appears to have succeeded in attracting customers.
With a paid-in capitalization of 300 billion won (US$266.70 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 the shareholders of Kakao Bank.
By Alex Lee and newswires (alexlee@heraldcorp.com)
