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Major Financial Institutions Launch Open Banking Service

Major Financial Institutions Launch Open Banking Service

SEOUL, Oct. 30 (Korea Bizwire) — A so-called “open banking” service, which allows users to withdraw and transfer money from multiple bank accounts using just one mobile application, will be put into operation on a trial basis. Ten major South Korean banks, including KB Kookmin Bank and Shinhan Bank, began piloting open banking at 9 [...]

Banks to Fully Open Payment Network to Fintech Firms in December: Official

Banks to Fully Open Payment Network to Fintech Firms in December: Official

SEOUL, Apr. 15 (Korea Bizwire) — Banks in South Korea will fully open their payment network to fintech firms in December, officials said Monday, in a fresh effort to encourage development of new payment services and greater competition in the financial sector. Currently, only banks can access the payment network, but even banks are allowed [...]