South Korea plans to allow the nation's top 30 business groups to own more than one credit card company as part of its deregulation effort.
Currently, conglomerates are limited to running one credit card unit under their umbrellas.
Internet news e-Daily quoting an unidentified Finance and Economy Ministry official said the government will submit revised laws to the National Assembly for approval later this month,
The report said the government will also map out steps to bolster electronic commerce by easing the entrance barrier for new internet shopping malls.
The nation's credit card industry is led by the three conglomerates ... Samsung, LG, and Hyundai Motor Group, as well as Citibank and Kookmin Card.
Citibank is in talks to buy a credit card unit of the Korea Exchange Bank, which holds seven and a half percent of the nation's credit card market.