Shinhan Financial Group is partnering with fintech company Toss to establish a new internet-only bank.
The consortium will apply to the Financial Services Commission for a preliminary license in March.
Once established, it will be the third internet-only bank in the nation.
In a statement, Shinhan said the partnership will help boost innovation in the local finance industry.
Toss, created in 2015, is a fintech company with more than 10 million registered users as of early February.
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