South Korea Could See Third Internet-Only Bank

The South Korean government said it could approve a third internet bank following the success of K Bank and Kakao Bank. It was not officially announced what the third internet-only bank will be but sources said South Korea’s top Shinhan Bank and internet firm Naver may be teaming up to launch the online-only lender.

Shinhan has been recruiting financial technology, further fueling speculations that it is preparing to launch an internet-only bank. Its likely partner is Naver because the two companies already have extensive partnership in Japan’s financial market.

In Bangladesh, agent banking outlets have topped 3,000 in the firs three months of the year, the country’s central bank said in a report. Agent banking is providing limited scale financial services to the underserved population through engaged agents under a valid agency agreement.

According to the latest quarterly report, agent banking outlets in the country have reached 3,023 with agents numbering 1,755 as of end of March. Leading the pack is Dutch Bangla Bank with 1,423 outlets, followed by Bank Asia with 1,182.

The central bank also reported that through 31 March this year, at least 14 commercial banks were able to secure agent banking approvals. Of these banks, 11 have already begun operating their service.

Meanwhile, other banks that are already in operation are Al-Arafah Islami Bank, Agrani Bank, First Security Islami Bank, Midland Bank, Modhumoti Bank, Mutual Trust Bank, NRB Commercial Bank, Social Islami Bank and Standard Bank. –