4 applicants fail to win preliminary approvals for new internet-only banks

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The headquarters of the Financial Services Commission inside the government complex in Jongno District, central Seoul [NEWS1]
The headquarters of the Financial Services Commission inside the government complex in Jongno District, central Seoul

The financial regulator said Wednesday that it has decided not to give preliminary approvals of new internet-only banks to four applicants due to their weak capital base.

In March this year, SOHO Bank and three others submitted their applications to win preliminary approval from the Financial Services Commission (FSC).

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The FSC said its plans to raise capital for internet-only bank businesses failed to meet requirements.

Currently, there are only three internet-only banks — Kakao Bank, K-Bank and Toss Bank — in the country.

Yonhap

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