Fintech unicorn Viva Republica gets initial approval to operate digital bank in Korea

The team at Toss

South Korean fintech startup Viva Republica, the PayPal-backed creator of financial services platform Toss, announced that it has secured preliminary approval for a license to operate its digital bank, Toss Bank, in Korea.

Toss Bank will become the third digital bank in South Korea to operate without a physical branch. The other two are Kakao Bank, which was launched in 2017, and K Bank, the nation’s first online-only bank. As of the end of March this year, Kakao Bank had 8.91 million customers and K Bank had around 980,000 users.

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