South Korea’s communications watchdog on Friday turned down bids by two local firms to set up the country’s fourth mobile operator, citing their insufficient financing. Following evaluations of proposals submitted by Korea Mobile Internet and Internet Space Time, the Korea Communications

Commission (KCC) concluded the two firms were inadequate candidates for its plan to approve a new market player. Both firms were excessively optimistic in their market outlook, and their financing and technology development plans were unclear, according to the KCC.

The decision marks the fourth time the watchdog has failed to select a fourth mobile operator as part of its efforts to spur

industry competition and promote homegrown wireless broadband technology. (Yonhap News)