Ant Financial makes inroads in South Korea

China's internet finance heavyweight Ant Financial Service Group gained another foothold in overseas expansion, after a local lender it helped launch obtained the first operating license for internet-only banks from South Korean regulators.

The move accords with a company strategy to advance the idea of inclusive finance, as the nation's top wireless payment provider has a goal to serve 2 billion customers over the next decade around the globe.

With regulatory clearance, K-Bank is allowed to provide all banking services, including deposits, loans, credit cards, financing and foreign exchange in South Korea, the company said on Thursday.