April 27, 2024
Finance
Viva Republica-led consortium applies for internet-only bank license
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 consortium includes KEB Hana Bank and Hanwha Investment & Securities, the company said in a statement.
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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)
