A banking first: An employee walking past a sign of the Banking Division of the Financial Services Commission (FSC) in Seoul. South Korea's financial regulator started to receive preliminary applications from consortiums including Kakao for a license to launch the country's first Internet-only bank.
SEOUL: Kakao Corp, the operator of South Korea's largest mobile messaging app, said Tencent Holdings Ltd and eBay Inc have joined its bid for a new South Korean Internet bank license.
Tencent and eBay will make their investments through subsidiaries, which are expected to take stakes of 4% or less in the bank should a license be gained, a Kakao spokesman said. He declined to comment on financial terms.
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
