SEOUL, Dec. 18 (Korea Bizwire) — South Korea formally launched an open banking service on Wednesday in the latest move to boost convenience and lower transaction costs for customers. The new system allows bank customers to use any mobile banking application of their choosing to access their bank accounts at any local bank and to [...]
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 [...]
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 [...]
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 [...]