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South Korea's 2nd internet bank gets final approval, likely to start ops in June

South Korea's Kakao Bank is expected to commence operations in late June after obtaining approval from the Financial Services Commission on April 5, Pulse reported the same day.

The internet-only bank managed by a Kakao Corp.-led consortium became the country's second bank to get final approval from the FSC. The other online bank, K Bank, started operations April 3 after receiving final approval in December 2016.

The FSC granted final approval to Kakao Bank after a three-month evaluation.

The bank plans to offer a range of services, including cash and foreign currency transfers, through the KakaoTalk platform, which has up to 40 million users, the news outlet reported, citing industry insiders.

Kakao Bank is led by a consortium of nine shareholders, including Kakao, Korea Investment Holdings Co. Ltd. and KB Kookmin Bank, the outlet noted.