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[News Focus] Korea to launch ‘open banking’ system at year-end

South Korea’s financial regulator plans to launch at the year’s end an “open banking” system that grants financial technology firms access to the payment networks of commercial banks, moving forward the government’s ongoing effort to spur fintech innovation.

The open banking network, scheduled to go live in December, will make way for the operation of all-in-one banking apps that allow users to access the money transfer and payment functions of various banks on a single platform.

The network’s launch date was announced by the Financial Services Commission during an open banking seminar in Seoul on Monday. The regulator had first disclosed its open interbank netwo…
Banking Industry News

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