South Korea approves Alibaba affiliate-backed internet bank
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A group that includes Alibaba's Ant Financial Services Group affiliate has won permission to open South Korea's first online bank.

This marks the first new lender that has been approved in South Korea in 24 years.

The new K-Bank, which will provide services without brick-and-mortar branches, will begin operating in January or February.

Ant Financial is one of around 20 shareholders backing the new K-Bank.

The consortium is led by leading local telephone company KT Corp., and also includes local partners Woori Bank and Hanwha Life Insurance.

Author： 　　　Source：CRI　　　 Editor：Yang Fan