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Korea gears up for more internet-only banks

South Korea’s financial authorities announced Sunday plans to introduce at most two internet-only banks within the next two years, in an apparent move to ramp up competition in a market in the course of deregulation.

Business entities with plans to operate new banks without brick-and-mortar branches will be granted preliminary regulatory approval by the Financial Services Commission by May 2019, according to the FSC’s plans. The application will be accepted by March. Considering times it takes to build database management system and gain business license, it is expected to take about more than a year for new banks to come into being.

Before the preliminary screeni…
Banking Industry News

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