Search Results for: internet-only bank

Woori Bank Joins Race for South Koreaā€™s Fourth Internet-Only Bank License

Woori Bank, a major South Korean commercial lender, has officially entered the competition to secure a license for the countryā€™s fourth internet-only bank. The bank confirmed that it had submitted a letter of intent to join the Korea Credit Data (KCD) led consortium. This move… Read More

Shinhan Bank Joins Race for South Korea’s Fourth Internet-Only Bank License

Shinhan Bank, a prominent player in South Korea’s banking sector, is set to enter the digital arena, vying for a license to become the country’s fourth internet-only bank, according to a Korea Herald report. The move positions Shinhan to compete with established digital banks such… Read More

Allica Bank, the Fintech Focused on Serving Established UK Firms, Reports 2,000 Business Current Account Clients

Allica Bank ā€“ the fintech challenger bank specifically focused on serving established businesses with 10-250 employees ā€“ now reportedly has 2,000 business current account customers after launching earlier this year. Compared to the millions of UK microbusinesses, the established SME segment that Allica is dedicated… Read More

Taiwanā€™s Financial Supervisory Commission Grants Banking License to Rakuten

  Taiwan’s Financial Supervisory Commission (FSC) recently announced it has granted a banking license to Rakuten International Commercial. The FSC reported that Rakuten International Commercial Bank (RICB) is the first internet-only bank to obtain a banking license in Taiwan. The FSC further revealed that RICB… Read More

First: ZA Bank Ltd. Pilots Digital Banking Solution in Hong Kong By Offering Services to 2,000 Retail Users

ZA Bank Ltd. is reportedly testing internet-only banking solutions in Hong Kong, which notably makes it the first organization to provide such services in the city as the Asian financial hub continues to promote the development of Fintech-related projects. The Hong Kong Monetary Authority began… Read More

Foreigners in South Korea May Use Alien Registration Cards to Open All-Digital Accounts with Kakao Bank in 2020

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Foreign residents in South Korea will have the option of using the all-digital Kakao Bank and K bank beginning next year, as the countryā€™s financial regulators will let consumers use their alien registration cards to open accounts via the internet. South Koreaā€™s financial regulator, the… Read More

Europe-based Global Bank ING has Provided Filipino Residents one of the First All-Digital Banks

The majority of Filipinos still do not actively use online banking services with many locals preferring to visit traditional brick and mortar locations. However, an entire generation of new users in the country is now using digital banking platforms. Europe-based Global bank ING, a financial… Read More

South Korea’s Viva Republica, a Fintech that Developed Toss, a Financial Services Platform, Gets Initial Approval for Digital Banking License

South Korea-based Viva Republica, a Fintech firm that developed Toss, a financial services platform, has been given preliminary approval for an online banking license from the Financial Services Commission of Korea, according to a December 16 release. SG Lee, CEO at Viva Republica, stated: ā€œToss… Read More

Moving Online: 2 Online Banks Set to Challenge Traditional Banks in Korea

The shift from traditional finance to internet finance is a global phenomenon. Just as the print industry has cratered as readers and advertisers have swiftly migrated away from dead trees to digital content products, all forms of finance is moving online. Korea is no different…. Read More

UK Fintech Flux, Provider of Digital Receipts, Says they’re Approaching 2021 with “Cautious Optimism”

Itā€™s undoubtedly been a very challenging environment for retailers, however, looking ahead to the rest of 2021, UK-based Flux (which itemizes digital receipts that are ā€œdelivered straight to your banking app”) says it believes there are some ā€œrealā€ potential opportunities to take take advantage of,… Read More

China: WeiyangX Fintech Review

The People’s Bank of China Issues “China Rural Financial Services Report (2018)” On September 19th, the People’s Bank of China issued the “China Rural Financial Services Report (2018)” (hereinafter referred to as the “Report”). The report provides a detailed review of the development of China’s… Read More

China: WeiyangX Fintech Review

Ant Financial Brings Artificial Intelligence to Auto Insurance On June 27th, The Alibaba Group financial affiliate rolled out an artificial intelligence-driven, image-recognition system to aid vehicle insurance claims adjusters in operating faster and more efficiently. In its demonstration in Beijing, Ant pitted man against machine,… Read More

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