Shinhan Financial Group is partnering with fintech company Toss to create a new internet-only bank. Next month, the consortium will apply to the Financial Services Commission for a preliminary license. Once established it will be the third internet-only bank in the nation, following KakaoBank and K bank. In its statement, Shinhan pointed out 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.
