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South Korea to allow more freedom in the Open Banking ecosystem

Tuesday 2 February 2021 12:07 CET | News

South Korea’s Financial Services Commission (FSC) has unveiled its work plan for 2021, outlining key areas of focus, including expanding 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.’

There are also plans to establish the legal foundations for Open Banking. This will involve revisions to the Electronic Financial Transactions Act, which will specify requirements for participating institutions, the FSC said.

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Keywords: South Korea, regulations, FSC, Open Banking, contactless payments, Savings Banks, credit card, fintech, MyData, MyPayment
Categories: Banking & Fintech | Online & Mobile Banking
Countries: Korea, Republic of
This article is part of category

Banking & Fintech