CHAPTER I GENERAL PROVISIONS
Article 1(Purpose) #
The purpose of this Act is to promote financial innovation and sound competition in the banking business and enhance convenience of financial consumers, thereby contributing to sound development of the financial industry and national economy, by means of providing for special cases on an internet-only bank in which finance and information and communications technology are merged.
Article 2(Definition) #
The term “internet-only bank” in this Act means a bank which conducts the banking business mainly by means of electronic financial transactions (referring to transactions defined in subparagraph 1 of Article 2 of the Electronic Financial Transactions Act; hereinafter the same shall apply).
Article 3(Relationship to Other Statutes) #
(1) Except as otherwise provided in this Act, an internet-only bank shall be governed by the Banking Act.
(2) In interpreting and applying other statutes, except for this Act and the Banking Act, an internet-only bank under this Act shall be deemed a bank established with authorization under the Banking Act.
CHAPTER II ESTABLISHMENT OF INTERNET-ONLY BANK
Article 4(Special Cases of Minimum Capital) #
(1) Notwithstanding the main clause of Article 8 (2) 1 of the Banking Act, capital of an internet-only bank may be at least 25 billion won.
(2) An internet-only bank shall maintain the capital under paragraph (1) in conducting the banking business.