The FSC will once again start receiving applications for new internet-only banks in October, with a view to granting one or more new licences by year-end.
July 10, 2019The FSC will accept applications again during Q3 this year. Kiwoom Bank and Toss Bank can address their shortcomings and resubmit their applications.
May 27, 2019Only Basel I rules will apply for the first three years after launch. Basel III will be phased in from the fourth year onwards, including NSFR and the leverage ratio.
May 17, 2019The regulator says it is engaging relevant stakeholders to ascertain the unique value that such virtual bank entrants could bring to Singapore's banking landscape.
May 8, 2019KT Corporation was planning to up its stake in the internet-only bank to 34%, but the FSC put its review process on hold amid an FTC antitrust probe.
April 25, 2019The FSC will review the applications with an aim to approving a preliminary licence for one or two new internet-only banks in May.
March 29, 2019The FSC said it plans to approve two more Internet-only banks next year, a day after a bill passes allowing non-financial firms to boost their ownership stakes in such banks.
September 24, 2018Discussions are underway concerning a revision of South Korea’s Banking Act to nurture growth within the fintech industry, including a proposal to allow non-financial firms to hold up to 50% stakes in banks, including internet-only banks.
July 26, 2018FSC to dedicate committee of experts to assessing banking, insurance, securities licenses; aimed at boosting transparency, efficiency, lowering entry barriers.
May 3, 2018Head of Financial Supervisory Commission says to produce feasibility study this year; visit South Korea and Japan to investigate internet-only banking concept.
January 24, 2018