SEOUL, Feb. 20 (Korea Bizwire) — The government plans to let banks open their payment systems to financial technology firms, in a move that would provide a level playing field for new players and increase competition in the financial industry, officials said Wednesday.
The plan was announced at a meeting chaired by Finance Minister Hong Nam-ki earlier in the day.
If opened, banks and fintech firms can compete in the payment industry and guarantee faster payments, officials said.
The European Union, Japan and Britain have already opened their bank payment systems to fintech firms, officials said.
Also, the government plans to promote instant payments by easing regulations and giving tax incentives to providers of faster payments, officials said.
Details of the plan will be confirmed at a meeting with chief executives of financial holdings firms early next week, officials said.