Korean Messaging App Kakao Partners With Tencent & eBay To Launch Online Bank

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Kaokao, the owner of South Korea’s largest mobile messaging app, has confirmed that both Tencent and eBay will join their bid for a coveted online banking license. The license is expected to be released by the government later this year. 

Tencent and eBay will each take a stake in the new bank of no more than four percent should the license be granted, according to a spokesperson, though Kaokao has declined to comment further on the details of the deal.

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