SEOUL, Nov. 28 (Korea Bizwire) — More than 2.2 million South Koreans have subscribed to a pilot open banking service in less than one month after its launch, data showed Thursday.
Users of the new service, which was launched Oct. 30, numbered 2.27 million as of Tuesday after exceeding the 1 million mark in just one week, according to the industry data.
A total of 5.16 million open banking accounts were registered during the cited period, with the number of transactions totaling 45.7 million.
The service enables bank customers to use virtually all banking services of any bank here with just one application.
Ten local banks, including major lenders NH Nonghyup, Shinhan Bank, Woori Bank, KEB Hana Bank and KB Kookmin Bank, originally took part in the preliminary service.
Eight other lenders, including Citibank Korea Standard Chartered Bank Korea and two internet-only banks, have either joined or will participate in the new service later.
The system will be fully launched Dec. 18 when those banks completely open their payment systems to fintech firms, further boosting convenience and lowering transaction costs.
Industry watchers said local banks are expected to stage heated competition to attract new subscribers to the open banking service ahead of its full-fledged launch.
The country’s financial regulator has said it may consider expanding the service to include smaller retail lenders starting next year.