The nation’s first Internet bank, K bank, launched operations on Monday.
 
The bank held a launching ceremony in downtown Seoul amid participation from Financial Services Commission Chairman Yim Jong-yong, the National Assembly’s National Policy Committee Chairman Lee Jin-bok and KT CEO Hwang Chang-gyu, among others.
 
The head of the newly-launched bank, Sim Sung-hoon, said K bank will provide services regardless of time and place allowing customers to take care of their banking needs outside the rules set by banks.
 
The last time a new bank launched after getting approval from financial authorities was in 1992.