South Korea's financial regulator unveiled a set of measures Thursday aimed at encouraging big name local IT firms to invest in the Internet-only banking industry with a focus on lowering entry barriers and easing related regulations.

 Under the measures, Internet-only banks will be off limits to the country's conglomerates, including Samsung Electronics Co. and Hyundai Motor Co., the country's No. 1 and No. 2 companies, respectively, by market capitalization.

A non-financial firm will be allowed to hold a 50 percent stake in an Internet bank. Under the current financial laws, a non-financial company is banned from holding more than a 4 percent stake in a bank. All commercial banks are also required to have brick-and-mortar offices and face-to-face channels with customers.

But as part of measures to induce IT firms to the sector, the Financial Services Commission raised the stake ceiling. The FSC still bans industrial companies affiliated with large business groups from investing in financial entities.

The FSC set the minimum equity capital requirement for an Internet bank at 50 billion won ($45.1 million), half what is required under the current laws.

"The launch of Internet banking will herald a new era for our financial industry," FSC Chairman Yim Jong-yong said in a forum.

"In more than 20 years, we can see a new type of bank, a new bank emerge in the sector," he said.

Yim said the financial regulator would work hard to get more firms to invest in Internet banks, and help their operations go smooth.

Internet-only bank's businesses range from deposits, lending and cards to foreign exchange transactions, and their financial soundness is regulated in the same way as that of other commercial lenders.

The FSC expects Internet-only banks to be launched in South Korea early next year as the unveiled measures will open doors for IT firms like Naver and Daum Kakao to own an Internet bank.

Hailing the announcement, Daum Kakao said it will push for an online bank now that ICT firms can take part and play a leading role.

The operator of South Korea's most popular mobile messenger KakaoTalk has ramped up efforts to break into FinTech platform business, including its mobile wallet BankWalletKakao.

Naver, the country's largest portal operator, said the company has no immediate plans to establish an Internet-only bank, noting that "it is not an area of expertise for the firm."

The regulator said revisions to the current banking laws will be put forward to the National Assembly in September.

The FSC has been moving to lift barriers and obstacles that have hampered the growth of fintech firms and Internet-only banks.

The financial regulator is set to announce detailed plans for financial industry reforms next month. (Yonhap)