Douzone Bizon, a South Korean enterprise resource planning and cloud services provider, announced its withdrawal from the competition for South Korea’s fourth internet-only bank license.
The company said Monday it will instead redirect its efforts toward developing an “innovative financial platform” that capitalizes on its existing business strengths and expanding artificial intelligence capabilities.
“After careful consideration by management, we decided not to participate in the preliminary approval application,” the company said. Douzone Bizon had been preparing its bid with comprehensive consulting on strategy, finance, legal and information technology aspects.
Despite the withdrawal, the company will maintain its partnership with Shinhan Bank, which acquired a stake in Douzone Bizon in 2021 as part of a strategic business agreement. The companies will continue collaborating on innovative business models, including platform development aligned with Shinhan’s financial innovation strategy.
With Douzone Bizon’s exit, five consortia remain in contention for the fourth internet-only bank license: Korea SOHO Bank (KCD Bank), UBank, Soso Bank, AMZ Bank, and Podo Bank. The preliminary approval application period is scheduled for March 25-26.
The South Korean government has been promoting internet-only banks to enhance financial competition and innovation in the banking sector.
