The Toss Bank consortium has won preliminary approval for a license to operate an Internet-only bank, the Financial Services Commission said Monday. Reassuringly, other partners include KEB Hana Bank and Standard Chartered.

Korea is set to get another online-only bank as Viva Republica, the fintech firm operating money transfer app Toss, launches into the market.

Toss will be the third online bank after Kakao Bank and K-Bank, with an intial capital of W250 billion (US$1=W1,174).

The FSC had turned down an earlier application from Toss in May after Shinhan Financial Group withdrew from the consortium.

Viva Republica is the largest shareholder with a 34 percent stake. KEB Hana, Hanwha Investment and Securities, the Korea Federation of Small and Medium Business and E-Land World have 10 percent each, while Standard Chartered and the Korea Electronic Certification Authority hold smaller stakes.

Toss will have to jump through one final approval hoop once it has recruited staff and set up its organization and computer network.