Kakao could get internet bank approved next month

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Kakao could get internet bank approved next month

Published: 30 Mar. 2017, 20:42

The internet bank of Kakao, operator of Korea’s most popular messaging app, is expected to win final regulatory approval early next month, an industry source said Thursday, clearing the final hurdle for Kakao to launch the nation’s second internet bank.

The Financial Services Commission will hold a meeting on April 5 to grant final approval for Kakao’s bank, the source said on the condition of anonymity. An internet bank offers banking and financial services without any branch networks.

K-Bank, the nation’s first internet bank, which won final approval last December, is scheduled to launch its services on April 3. If it wins final approval, Kakao’s internet bank will start its services by the first half of this year. YONHAP