South Korea has approved an Internet bank co-invested by Alibaba's financial affiliate Ant Financial Services Group and South Korean companies.
K Bank is backed mostly by South Korean companies. Ant Financial is the sole Chinese stakeholder among 20 that has agreed to help establish the new lender but didn't specify how much it has invested nor the new lender's registered capital, they said in a statement.
Other investors of the bank include Korea Telecom, Woori Bank, GS Retail and Hanwha Life Insurance.
K Bank is estimated to start operating in the second half of next year after getting a final license from the regulator by June, Korea Times reported.
The K Bank venture highlights Ant Small Financial's expansion in overseas markets as earlier this year it bought 25 percent in India's online payment firm One97 Communication. It also invested in Singapore payment security firm V-Key.
Ant Financial launched its MYbank online bank in China in June, and the Internet bank has provided small loan services to nearly 1,000 villages in 17 provincial areas across the country.
