K Bank, the first online-only bank in South Korea, has launched banking operations in the country.
The internet-only bank, led by a consortium of 21 firms including Woori Bank and telecom giant KT, is the country’s first newly approved bank since 1992.
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The bank will offer ordinary deposits, time deposits and card loans at interest rates more favourable compared to traditional banks. Users of the bank will be able to get loans through a fingerprint identification service on their mobile app.
K Bank, along with the country’s other online bank Kakao Bank, secured a preliminary license from South Korea’s Financial Services Commission (FSC) in November 2015. In December 2016, FSC gave the final approval for the establishment of K Bank.
The other digital-only lender Kakao Bank, which is the Internet bank of chat app operator Kakao, is expected to receive a final regulatory approval soon and launch operations later this year.
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