On the 27th, the Financial Services Commission announced that four applications have been received for the preliminary license of the fourth Internet-only bank.
Earlier, the Financial Services Commission received applications for preliminary licenses for Internet banks over two days on the 25th and 26th. During this application period, a total of four consortiums, including SoSo Bank, Grape Bank, Korea SOHO Bank, and AMZ Bank, applied for preliminary licenses with the Financial Services Commission.
The contents of the preliminary license applications will be announced on the Financial Services Commission's website, and interested parties regarding the license may submit their opinions on the applications.
In the future, the Financial Services Commission plans to decide on the preliminary license status in June after the FSS examination, including evaluations from private external review committees. Entities that receive the preliminary license may apply for a formal license with the Financial Services Commission after meeting the human and material requirements. They can start operations within six months after obtaining the formal license.