The Financial Services Commission held its regular meeting on December 14 and granted final approval for ‘K-Bank’, Korea’s first Internet-only bank. It is the first bank newly approved in 24 years since 1992, which will spur fresh competition in the banking sector.

K-Bank will start its operation in the end of January or early February 2017 (tentative) after completing preparatory works. The other internet-only bank granted preliminary approval in November 2015, Kakao Bank, is also preparing to apply for final approval in the end of this year.