Tencent, eBay join internet banking bid
(2 October 2015 – South Korea) Chinese internet conglomerate Tencent, and online auction house eBay will join the operator of South Korea's largest mobile messaging app, Kakao Corp, in a bid for a new South Korean internet bank license.
A spokesperson for Kakoa said both companies will make their investments through subsidiaries, which are expected to take stakes of four percent, the maximum allowed for a non-Korean, non-financial company, should a license be gained.
It is expected that South Korea will grant one or two licenses for Internet banks this year, with Kakao's being one of at least three publicly known bids.
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