Ubank Consortium Delays Application for Fourth Bank License... "Will Reattempt in Second Half"

The U-Bank consortium, which has been pushing for the establishment of the fourth internet bank, announced on the 17th that it will postpone its preliminary approval application.

U-Bank stated, "Considering the unstable economic and political situation, we have made a strategic decision," and added, "Within the consortium, we have agreed to reapply for preliminary approval in the second half of 2025, when much of the current uncertainty is expected to be resolved."

They also added, "The direction that the consortium members have been preparing for remains unchanged."

Kim Sung-jun, CEO of Lendit and a participant in the U-Bank consortium, said, "Today's announcement is part of the process of establishing an internet-only bank, and the goals of forming a collaborative community within the U-Bank consortium and realizing sustainable inclusive finance remain unchanged," adding, "Given the current unstable economic and political situation, we chose a strategy to proceed cautiously when a stable environment is established rather than pushing forward recklessly. We will fully consult with the authorities and reapply in the future."

Meanwhile, just one week before the preliminary approval application deadline, one of the leading candidates, Duzon Bank (Duzon Bizon), withdrew from participating in the fourth internet bank. With Duzon Bank and U-Bank withdrawing from the six officially declared consortia, four contenders remain: Korea Small Office Bank (with KCD and others participating), Soso Bank, Podo Bank, and AMZ Bank.

The Financial Services Commission plans to accept internet bank preliminary approval applications from the 25th to the 26th. The review results will be announced within two months, and if applicants fail to meet the approval criteria, preliminary approval may not be granted.