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The latest in the K-wave: K-Bank, Korea's first internet-only bank

BIScom Subsection: 
Editorial Staff

No one can accuse the South Koreans of rushing into things: the Financial Services Commission has just approved the country's first internet-only bank to commence operations. It's the first bank (of any kind) to launch for 24 years.

A statement from the FSS, issued 14th December 2016, says

The Financial Services Commission held its regular meeting on December 14 and granted final approval for ‘K-Bank’, Korea’s first Internet-only bank. It is the first bank newly approved in 24 years since 1992, which will spur fresh competition in the banking sector.

K-Bank will start its operation in the end of January or early February 2017 (tentative) after completing preparatory works. The other internet-only bank granted preliminary approval in November 2015, Kakao Bank, is also preparing to apply for final approval in the end of this year.

K-Bank is not connected with K-Cyber Banking from Kasikornthai, a Thai bank. But that's the name that dominates internet searches for K-Bank. An internet bank that isn't readily findable on major search engines?

Make up your own punchline.