: S. Korea's financial regulator rejects 2 consortia's applications to establish internet-only banks

South Korea's financial regulator has rejected two consortia's applications to establish internet-only banks.These banks offer online banking and financial services...without requiring physical offices. According to the Financial Services Commission on Sunday,...outside evaluators said the first consortium led by Kiwoom Securities lacked innovation and feasibility.The other, led by financial technology company Viva Republica, lacked ability for financing.The commission says...it will accept further applications during the third quarter of this year. Currently, there are two internet-only banks in Korea.One is Kakao Bank operated by Kakao Corporation...best known for its mobile messenger service.