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Viva Republica-led consortium files digital bank license application

A consortium led by Viva Republica Co Ltd., the operator of peer-to-peer payment platform Toss, filed a digital bank license application with South Korea's Financial Services Commission on Oct. 15, Yonhap News Agency reported.

KEB Hana Bank, Standard Chartered Bank Korea Ltd. and Hanwha Investment & Securities Co. Ltd. are part of the consortium and will respectively hold a 10%, 6.67% and 10% stake in the planned digital bank. Welcome Savings Bank Co. Ltd. and other financial industry participants will hold smaller stakes.

Viva Republica will be the controlling shareholder with a 34% stake, lower than the 60.8% stake it proposed when it launched its unsuccessful first bid for a digital bank license in March.