South Korean online shopping site Interpark has formed a consortium to secure regulatory nod for launching an internet-only bank.
The consortium also includes SK Telecom, state-run Industrial Bank of Korea, GS Home Shopping, NHN Entertainment, Yello Financial Group, and NH Investment & Securities.
The group will assess each participating firm’s data to develop a business model that offers customers with tailored asset management, payment and loan services.
The consortium will now create a task force including about 30 officials from participating firms, which will be based at Interpark’s southern Seoul headquarters.
The task force will make preparations to apply for preliminary approval from the country’s financial regulator.
An internet bank provides services through online and telephone banking without the need of physical branches.
In June, the Financial Services Commission (FSC) unveiled plans to lower entry barriers for non-financial companies into online-only banking.
The country’s existing financial law restricts an industrial company or a non-financial firm from holding over 10% stake in a bank.
In order to lure more IT firms to invest into the sector, the regulator is currently planning to raise the stake ceiling to nearly 50%.