Kakao Bank & K-Bank Win Approval for Internet-Only Banks

The two consortiums―Kakao Bank and K-Bank, led by mobile messenger creator Kakao and mobile carrier KT respectively―have won the Korean Internet bids.

The two groups said they would be game changers in the industry by providing fresh impetus with their innovative capabilities―mobile messengers, telecommunications services, big data analysis on a wide user base―to the outdated and inefficient banking industry.

The ...

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