Hot competition in S. Korea to be fourth Internet bank

Four new contenders have lined up to compete for the fourth licence. — The Korea Herald

SEOUL: The race to receive the licence to become South Korea’s fourth Internet-only bank is growing fiercer, with four bidders announcing their will to contend.

There are currently three online lenders in South Korea: KBank, Kakao Bank and Toss Bank. But four new contenders – Soso Bank, Korea Credit Data Bank, and the U-Bank and Douzone Bank consortiums – have lined up to compete for the fourth licence.