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South Korean payment operator hints at dropping brokerage, digital bank bids

South Korea's Viva Republica Co Ltd., which operates the Toss peer-to-peer payment platform, may withdraw its applications for brokerage and digital bank licenses, Yonhap News Agency said, citing founder and CEO Lee Seung-gun.

Lee told reporters on Sept. 18 that the company is considering dropping its bid for a brokerage license due to "undoable" demands from regulators, without further elaborating on his complaint.

Lee said that the same regulatory issue makes it difficult for the company to pursue its bid for a digital bank license.

Lee's remarks came after an industry meeting with new FSC Chairman Eun Sung-soo held on Sept. 18.