iwoom Securities and Toss , a mobile money transfer app owned by Viva Republica, will now compete to win licenses for new internet-only banks after submitting their applications this week.
If they do receive licenses, they would launch next year.
There are currently two internet-only banks in Korea, K-Bank and Kakao Bank, which both launched in 2017.
The financial authorities noted the possiblity of giving approval to both applications,... but hinted that it might approve only one group.
A final decision will be made in May after the applications are evaluated next month.
