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THE INVESTOR
November 21, 2019
Big Reunion

Finance

Viva Republica-led consortium applies for internet-only bank license

  • PUBLISHED :October 15, 2019 - 10:38
  • UPDATED :October 15, 2019 - 10:38
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Fintech firm Viva Republica said Oct. 15 that its consortium has applied for a license to set up a new internet-only bank in South Korea.

The consortium includes KEB Hana Bank and Hanwha Investment & Securities, the company said in a statement.


The Financial Services Commission has said it will accept applications for an online-only bank until Oct. 15.

In 2017, two internet-only banks -- K bank and Kakao Bank -- began to offer their services without face-to-face contact with customers and without bank branches.

Traditional banks have cut commission fees and revamped their online and mobile banking services to try to stay relevant as a growing number of Koreans do their banking on their computers or smartphones without visiting bank branches.

By Ram Garikipati and newswires (ram@heraldcorp.com)

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