Kakao's Internet bank to get final approval on April 5

Published : Mar 30, 2017 - 11:08 Updated : Mar 30, 2017 - 11:08

The Internet bank of Kakao Corp., South Korea's dominant chat app, is expected to win a 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 the final approval for Kakao's Internet bank, the source said on the condition of anonymity.

(Yonhap)

An Internet bank offers banking and financial services without any branch networks.

K-Bank, the nation's first Internet bank, which won the final approval last December, is scheduled to launch its services on April 3.

If it wins a final approval, Kakao's Internet bank will start its services by the first-half of this year.

With a paid-in capitalization of 300 billion won ($269.8 million), Korea Investment Holdings Co. holds a 58 percent stake in Kakao Bank.

Kakao, Kookmin Bank, Korea Post, Netmarble and Tencent Holdings Ltd. of China are among shareholders of Kakao Bank. (Yonhap)