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Snapshot of online-only banks status in Asia
- Thursday | 23rd January, 2020
HONG KONG (Reuters) – Financial regulators across Asia are creating new rules for online-only banks as they seek to shake up often staid markets, helped by technology companies, which can operate at lower costs without needing physical branches. IN OPERATIONSouth Korea led the way with special rules for online-only banks in Asia, licensing K bank, led by the country’s largest telecom operator, KT Corp, in 2016, then Kakao Bank, operated by chat app operator Kakao Corp, in 2017. LICENSEDHong Kong issued eight online-only licences in 2018 from 33 applications. APPLIEDSingapore in January said it had received 21 applications for five online-only bank licences on offer. China is also working to finalise its first rules covering the online-only bank sector, Reuters reported last week, citing people with direct knowledge of the matter.
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