Seoul: The financial regulator has announced plans to reveal the preliminary approvals for new internet-only banks before June. This announcement follows the reception of applications during the first quarter of the coming year, signaling a significant expansion in the digital banking sector.

According to Yonhap News Agency, there are currently three internet-only banks operating in the country: Kakao Bank, K-Bank, and Toss Bank. The Financial Services Commission has stated that it will disclose the list of new entrants in this promising sector before the end of June. This move is poised to spur competition and innovation within the digital banking landscape.

The required regulatory processes suggest that these new internet-only banks could receive business approval before the conclusion of the next year, potentially reshaping the financial services industry by offering more options and services to consumers.