Financial Holding Companies Also Want to Establish Internet Banks... "Planning to Coordinate with Authorities"

Recent Demand Survey Completed... Scheduled to be Submitted to Authorities

Kwangsoo Kim, Chairman of the Korea Federation of Banks

[Asia Economy Reporter Park Sun-mi] As demand arises for financial holding companies to establish independent internet banks, the Korea Federation of Banks is preparing to coordinate opinions with financial authorities.

According to the financial sector on the 5th, the Korea Federation of Banks recently received requests from financial holding companies expressing their desire to establish internet banks, and plans to soon deliver the survey results to the Financial Services Commission's working-level officials.

Since there have been requests to allow financial holding companies to also establish internet banks, the Federation plans to convey these voices from the financial sector to the financial authorities and consider whether there are solutions. A Federation official explained, "A significant number hope to establish internet banks," adding, "This is a process of explaining to the financial authorities the necessity of internet banks owned by financial holding companies in the mid to long term."

Earlier, Kim Kwang-soo, chairman of the Korea Federation of Banks, also expressed the opinion that internet bank establishment by financial holding companies should be permitted in line with the non-face-to-face trend.

Currently, while some commercial banks participate as financial investors in internet banks, there are no independent internet banks owned by financial holding companies. If major financial holding companies actively begin establishing internet banks, there is a possibility that new internet banks will rapidly increase following K-Bank, KakaoBank, and Toss Bank.

This content was produced with the assistance of AI translation services.