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. The Monetary Authority of Singapore will issue up to two retail and three wholesale bank licences, with the winners — to be announced in June — starting operations from mid-2021. 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.

Source: The Edge Markets January 22, 2020 08:15 UTC