Application for Preliminary Approval of the 4th In-Bank from March 25 Next Year

Received Over Two Days

The Financial Services Commission announced on the 19th that it will accept preliminary internet bank license applications for two days from March 25 to 26 next year.

Taking into account the feedback collected from March 12 to 17 from prospective applicants regarding the preliminary license application schedule, the Financial Services Commission and the Financial Supervisory Service finalized the submission dates. Applicants wishing to obtain a preliminary license must submit three copies of the application form to the Banking Division of the Financial Services Commission by 6 p.m. on March 26.

Detailed information related to preparing the preliminary license application can be found in the "Banking Business Licensing Manual" published on the Financial Supervisory Service website and the "Internet Bank Licensing FAQ," which is scheduled to be released at the end of January next year.

After the application submission, the Financial Supervisory Service will conduct a review, including an evaluation by a private external evaluation committee, in accordance with the "New Internet Specialized Bank Licensing Criteria and Procedures" announced last November. The Financial Services Commission will then decide on the preliminary license at its regular meeting.

Yonhap News