Regulatory Alerts2024-11-28 | 83474Licensing Criteria for New Internet-only Bank to Focus on Sustainability Based on Innovativeness and Inclusiveness
The Financial Services Commission adopted new licensing criteria for authorizing a new internet-only bank, shifting evaluation focus toward sustainability, innovativeness, and inclusiveness. The review process will rigorously assess applicants' capital stability, the viability of their credit evaluation models, and their capacity to serve underserved groups and SMEs outside the Seoul metropolitan area. To ensure compliance and transparency, a new technology assessment unit will be established, and statutory conditions allowing for business suspension will be added to the Banking Act.
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