Ant Financial Services Group, a small and micro financial services company under Alibaba Group, announced that they will cooperate with many companies, including Korea Telecom, to set up an Internet bank named K Bank in South Korea.

The construction preparation of this bank was approved by the South Korean government. On the completion of the bank, it will provide innovative Internet financial services to people in South Korea.

It has been 23 years since the South Korean government issued its last bank license. This is also the first time for the country to issue a license to an Internet bank.

According to Ant Financial, K Bank is initiated by 20 shareholders, including Korea Telecom and Ant Financial; and Ant Financial is the only Chinese company. Under the approval of the South Korean government, K Bank will operate all banking services, including deposits, loans, credit cards, financial management, and foreign exchange services.

Jing Xiandong, president of Ant Financial, said that as a shareholder, Ant Financial hopes to use its successful experience in the Chinese Internet banking market to support its partners.