Digital banking in South Korea is a tale of mixed fortunes. Two such banks have been operational for the last two years.
One has become, by some measures, the most successful digital bank in the world. The other has made barely any inroads and is in a desperate battle for new funding. It is a curious environment into which a further two banks may be ushered later this year.
The story of these divergent outcomes starts in 2015, when the Financial Services Commission (FSC) of South Korea approved two new digital banks.
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