The government will open a process in March to select successful applicants to become South Korea's next Internet-only bank. 

The Financial Services Commission(FSC) on Thursday said it will open a two-day application window from March 26th for preliminary approval. The watchdog said a business plan will be the most important criterion for review, followed by plans on financing and gathering shareholders. 

The Financial Supervisory Service(FSS) will review the applications in April and May after which the FSC will make the final decision. 

Applicants that receive preliminary approval will be able to apply for formal approval. The applicant that gets the final go-ahead is expected to launch its services by the first half of 2020.

The country currently has only two Internet-only banks, K-Bank and Kakao Bank, which launched in 2017.

Last September, the National Assembly passed a bill allowing nonfinancial firms to boost their stake in Internet-only banks from four to 34 percent.