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South Korea to Hold Second Parliamentary Forum on Fourth Internet Bank on August 25

2026-07-06 00:02:30

According to Yonhap Infomax, South Korea's Financial Services Commission (FSC) approved an expansion of internet banking services on July 1, allowing the country's three existing internet banks—Kakao Bank, K Bank, and Toss Bank—to expand into corporate lending and face-to-face operations. The second parliamentary forum on establishing a fourth internet bank is scheduled for August 25 at the National Assembly, four months after the first discussion in early April. The FSC's move to broaden existing banks' business scope reflects a cautious approach toward approving new internet bank licenses, with officials prioritizing regulatory relaxation for incumbents over new market entry.

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