The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    BLACKPINK, TXT, Stray Kids: K-pop stars headline international music festivals

  • 3

    Chun Woo-won apologizes to Gwangju victims, calls grandfather 'criminal'

  • 5

    Actors in Netflix series 'The Glory' dating

  • 7

    'Me': BLACKPINK's Jisoo off to smooth start as solo artist

  • 9

    SM Entertainment founder looks to future as company appoints new management

  • 11

    S. Korea to fully open DMZ hiking trails starting next month

  • 13

    Keywords of April original series lineups: female-centric and comedy

  • 15

    Donald Trump indicted; 1st ex-president charged with crime

  • 17

    Yoon gov't disputes Japanese media's claims about summit

  • 19

    Arrest warrant issued for ex-military commander over martial law scandal

  • 2

    Seventeen to drop new EP next month

  • 4

    Koreans warned against making inappropriate videos in Thailand

  • 6

    BTS Jimin breaks record for K-pop soloist with 'Face'

  • 8

    Ambassador offers taste of Ghana to Korea

  • 10

    Gwangju's popular Alleyway restaurant resurrects

  • 12

    Korea ready to greet BIE inspection team

  • 14

    INTERVIEWNorth Korean defectors bear brunt of remittance scams

  • 16

    Grandson of ex-president apologizes to victims of 1980 democracy suppression

  • 18

    Gimpo airport to launch care service for dogs

  • 20

    Regulators urge financial groups to minimize interest rate hikes

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sun, April 2, 2023 | 02:30
Companies
Toss gets preliminary approval for internet-only bank
Posted : 2019-12-16 16:41
Updated : 2019-12-16 17:39
Park Jae-hyuk
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
A woman uses the Toss mobile financial services app in this file photo. / Courtesy of Viva Republica
A woman uses the Toss mobile financial services app in this file photo. / Courtesy of Viva Republica

By Park Jae-hyuk

The Toss Bank consortium led by the mobile money transfer app operator Viva Republica received a preliminary approval for a license to operate the nation's third internet-only bank, the Financial Services Commission (FSC) said Monday.

According to the financial regulator, the new digital bank is expected to make its debut in July 2021, as it needs about a year and a half to prepare for the business.

Viva Republica was rejected during a previous round of bidding in May, due to its poor financial stability.

As the fintech firm attracted KEB Hana Bank, Standard Chartered Bank Korea, the Korea Federation of SMEs and other affluent institutional investors in its second attempt, the FSC decided to grant preliminary approval to the consortium in the latest bid.

"The consortium's largest shareholder has a strong determination to contribute to financial innovation and its business plan is well-prepared in terms of innovativeness, inclusiveness and stability," said Yoon Chang-ho, the Financial Services Commission's (FSC) director general for financial industry. "It is satisfies the what we expect from internet-only banks."

The Soso Smart Bank and the Familia Smart Bank consortia, both of which had applied for the license along with the Toss Bank consortium in October, failed to get preliminary approval.

"The Soso Smart Bank consortium's fundraising and business plans were inadequate, so we thought it was not qualified to manage an internet-only bank," Yoon said. "The Familia Smart Bank consortium could not submit the necessary documents, so it withdrew from the bid Dec. 11."

A woman uses the Toss mobile financial services app in this file photo. / Courtesy of Viva Republica
Yoon Chang-ho, the Financial Services Commission's (FSC) director general for financial industry, announces the result of preliminary screening of bidders for the third internet-only bank at the Government Complex Seoul, Monday. / Courtesy of FSC

Viva Republica said the Toss Bank will offer innovative financial products to its customers, based on 16 million Toss app users and customers of strategic investors taking part in the Toss Bank consortium.

According to the fintech firm, the Toss Bank will serve as a challenger bank for the "underbanked," fulfilling the needs of individuals and small business customers, including those with thin files and mid-range credit scores.

"Toss has already become the leading financial super app in Korea," Viva Republica CEO Lee Seung-gun said. "With a digital bank license, we will be able to broaden our product offering, so we can accelerate our mission to innovate the financial industry."

The Toss Bank consortium will be able to apply for final approval, as soon as it is equipped with the experts, organization and equipment required to run a banking business.

If the FSC grants the final approval, the Toss Bank consortium can run the internet-only bank, engaging in fierce competition with Kakao Bank and K bank.

Kakao Bank has dominated the market since its launch in 2017, because K bank has faced difficulties in capital increase due to its largest shareholder KT's previous violation of the antitrust law.

The envisioned revision of the Internet-only Bank Act, however, is expected to intensify the competition among the digital banks, as the new law will allow KT to inject capital into K bank.


Emailpjh@koreatimes.co.kr Article ListMore articles by this reporter
 
Top 10 Stories
1Chun Woo-won apologizes to Gwangju victims, calls grandfather 'criminal' Chun Woo-won apologizes to Gwangju victims, calls grandfather 'criminal'
2Koreans warned against making inappropriate videos in Thailand Koreans warned against making inappropriate videos in Thailand
3Ambassador offers taste of Ghana to Korea Ambassador offers taste of Ghana to Korea
4Gwangju's popular Alleyway restaurant resurrectsGwangju's popular Alleyway restaurant resurrects
5Korea ready to greet BIE inspection team Korea ready to greet BIE inspection team
6[INTERVIEW] North Korean defectors bear brunt of remittance scams INTERVIEWNorth Korean defectors bear brunt of remittance scams
7Yoon gov't disputes Japanese media's claims about summit Yoon gov't disputes Japanese media's claims about summit
8Gimpo airport to launch care service for dogs Gimpo airport to launch care service for dogs
9Regulators urge financial groups to minimize interest rate hikes Regulators urge financial groups to minimize interest rate hikes
10Mirae Asset, SK Telecom team up for security token business Mirae Asset, SK Telecom team up for security token business
Top 5 Entertainment News
1IU says she was excited to share screen with Park Seo-joon in 'Dream' IU says she was excited to share screen with Park Seo-joon in 'Dream'
2BLACKPINK, TXT, Stray Kids: K-pop stars headline international music festivalsBLACKPINK, TXT, Stray Kids: K-pop stars headline international music festivals
3[INTERVIEW] Foreign-born entertainers seek to revolutionize local industry INTERVIEWForeign-born entertainers seek to revolutionize local industry
4NewJeans, Apple join hands to bring immersive audio experience NewJeans, Apple join hands to bring immersive audio experience
5Celebrity chef Paik Jong-won takes his business skills to next level with 'The Genius Paik' Celebrity chef Paik Jong-won takes his business skills to next level with 'The Genius Paik'
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group