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South Korea plans internet bank

South Korea may soon have an internet bank. There are at least three know bids for the license and one of the bidders, Kakao Corp, the operator of the country’s largest mobile messaging app, said two entities – Tencent Holdings and eBay – have joined hands with it in pursuit of the license. Tencent and eBay will make their investments through subsidiaries, which are expected to take stakes of 4% or less in the bank should a license be gained. South Korea is expected to grant one or two licenses for Internet banks this year. Kakao’s bid is one of at least three known bids.

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