Financial Services Commission Chairman Choi Jong-ku said Friday that the commission will likely grant approval for the nation’s third Internet-only bank around April or May of next year. 

Speaking to reporters on Friday, Choi made the projection as he pointed out that a special law on Internet-only banks will go into effect three months after it is promulgated. 

He said the commission will be able to grant approvals around April next year if it gets applications in February or March. 

Choi said approving such banks must become the catalyst for true financial reform, stressing that more than two such banks should be granted approval. 

Choi cited that the special law on Internet-only banks stipulates in detail the permissible scope of major shareholders, saying the relevant ordinance will seek to remove concerns that conglomerates could use such banks as their private coffers.