South Korea to formally launch Open Banking system

Korea’s FSC (Financial Services Commission) launched a pilot programme covering ten banks on 30 October 2019. Bank customers could access account services at the 10 banks using a single mobile application. Individuals have had to use different apps for each institution they bank with.

The move is expected to boost convenience and lower transactions costs for customers and will be formally launched on 18 December 2019.

The October trial attracted 2.39 million users and included total of 5.51 million Open Banking accounts and 49.64 million transactions, the FSC said. 

The initial trial was extended to ten local banks including NH Nonghyup, Shinhan Bank, Woori Bank, KEB Hana Bank and KB Kookmin Bank. This will be extended to eight other banks including Citibank Korea, Standard Chartered Bank Korea and two internet-only banks Kakao Bank and K-Bank.