South Korea Approves Alibaba Affiliate-Backed Internet Bank

(Beijing) — A group that includes Alibaba's Ant Financial Services Group affiliate has won permission to open South Korea's first online bank, marking an important overseas move into a market that hadn't approved a new lender in 24 years.

The new K-Bank, which will provide services without brick-and-mortar branches, will begin operating in January or February, South Korea's banking regulator, the Financial Services Commission, said in a statement on Wednesday.