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The third Internet bank will be in April ~ May next year.

By September 25, 2018 at 3:12 pm
Yonhap News (Photo : Choi Jong Gu, chief of Financial Services Commission)

On September 21th, Choi Jong Gu ,is chief of Financial Services Commission, announced that it will be able to authorize the third Internet bank between April and May next year.


He said, "The law will be enforced next year, considering the fact that the Special Bank for Special Purpose Bank Act was enacted three months after the announcement, "If we receive an application for additional authorization,Applicants will be able to obtain the results in April or May."
Choi added, "We should not just add one or two Internet banks, it should become a moment of genuine financial innovation."

Choi said about Regarding the enforcement ordinances that contain restrictions on the major shareholder status of Internet banking companies. " The scope of allowable major shareholders is relatively specified in the Special Act.In order to avoid concerns about the solidification of large corporations, "
He explian about KT and Cacao's violation of the Fair Trade Act in relation to the process of expanding. "their stake in K-Bank and Cacao Bank will determine whether the financial position is serious enough to violate the law.".
Choi said, "The Special Act on the Internet Banking is an alternative that the government and the ruling and opposition parties have conceded in order to develop the financial industry and accelerate innovation growth. I appreciate that The National Assembly enacts the special law. 

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