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.
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