Global credit rating agency Standard and Poor’s(S&P) says South Korea's commercial banks will be able to maintain dominant positions in the country’s financial market despite challenges from Internet-only banks and fintech firms. 

S&P Global Ratings Director Kim Dae-hyun presented the agency’s analysis in Seoul on Tuesday, predicting the local watchdog will place extensive regulations on Internet-only banks and fintech firms for the time being to help maintain the stability of the local financial industry. 

However, he pointed out higher competition may put some pressure on traditional banks in selling products to retail customers.