KT and Kakao win preliminary licenses to launch internet-only banks 카카오은행, 케이뱅

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Two consortiums led by IT giants Kakao and KT have been chosen to run Korea′s first internet-only banks. The Financial Services Commission on Sunday granted preliminary licenses to Kakao Bank, consisting of 11 companies including Kookmin Bank,... and K-Bank, which includes Woori Bank and GS Retail. The decision comes after a two-month review of applications from three bidders,... including I-Bank,... led by online shopping mall operator Interpark. Financial stability, shareholding structure and customer service plans... were some of the attributes reviewed. The financial regulator anticipates the two banks will play a role in helping to revive the slumping banking industry. The FSC expects the first to open in June.