South Korea's Viva Republica Co Ltd., which operates the Toss peer-to-peer payment platform, partnered with Standard Chartered Bank Korea Ltd. to bid for the country's third internet-only banking license, Pulse reported Oct. 8, citing industry sources.
This will be Viva Republica's second attempt to obtain a digital bank license. The Financial Services Commission previously rejected an application from a consortium led by Viva Republica and Kiwoom Securities Co. Ltd., citing business feasibility and financing capacity.
South Korea currently has two digital banks: K Bank and Kakao Bank.
