Kakao, 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 Kakao has declined to comment further on the details of the deal.

Kakao has already released a wallet service linked to their app called BankWalletKakao. They partnered with Korea Financial Telecommunications and Clearings Institute as well as 16 other banking institutions to launch the service which can link to bank cards.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com