Kakao Bank, a South Korean internet-only lender, has received the final approval from the country’s Financial Services Commission (FSC).
The bank, created by a consortium led by chat app operator Kakao, is expected to launch operations as early as June 2017.
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The bank has a starting capital of KRW300bn ($265.2m) and is also backed by Korea Investment Holdings, which holds a 58% stake and China’s Tencent.
The bank will offer cash and foreign currency transfers, and mid-interest rate credit loans, among other services.
The approval of Kakao Bank comes shortly after the launch of operations of K Bank, the country’s first internet only bank.
Both the bank secured a preliminary license from South Korea’s Financial Services Commission (FSC) in November 2015.
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