Preliminary Licenses Denied for Soso Bank, Soho Bank, Podo Bank, and Others as Fourth Internet-Only Banks (Update)
The Financial Services Commission announced on the 17th that it held a regular meeting and denied preliminary licenses for internet-only banks to four applicants: Soso Bank, Soho Bank, Podo Bank, and AMZ Bank.
The commission formed an external evaluation committee composed of private-sector experts from various fields and conducted assessments from the 10th to the 12th.
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A representative from the Financial Services Commission explained, "The external evaluation committee assessed the four applicants and determined that they were not suitable to receive preliminary banking licenses. Taking this opinion into account, the Financial Supervisory Service submitted the results of its review, which recommended denying the preliminary licenses, to the commission."
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