South Korea's financial regulator has rejected two consortia's applications to establish internet-only banks.<br />These banks offer online banking and financial services...without requiring physical offices. <br /> According to the Financial Services Commission on Sunday,...outside evaluators said the first consortium led by Kiwoom Securities lacked innovation and feasibility.<br />The other, led by financial technology company Viva Republica, lacked ability for financing.<br />The commission says...it will accept further applications during the third quarter of this year. <br />Currently, there are two internet-only banks in Korea.<br />One is Kakao Bank operated by Kakao Corporation...best known for its mobile messenger service. <br />
