South Korea to allow more freedom in the Open Banking ecosystem

To promote the development and use of contactless financial services, the FSC said it will begin allowing savings banks and credit card companies to provide Open Banking services in the first half of 2021, which will be followed by financial investment businesses.

Moving forward, the government said it will also work to allow more account types to be eligible to sign up for Open Banking and to connect Open Banking with other digital finance infrastructures such as government-led MyData and MyPayment. The end goal here is to allow for the development of a ‘one-stop platform offering analysis, advise and account transfer services all from the same place.’