34th Anniversary of the Korea Financial Telecommunications & Clearings Institute: "Supporting Innovative Services in the Open Finance Era"

[Asia Economy Reporter Ki Ha-young] The Korea Financial Telecommunications & Clearings Institute (KFTC) announced on the 2nd that it will actively support innovative financial services in line with open finance, marking its 34th anniversary.

To this end, it plans to expand the open API (Application Programming Interface) applied to open banking to various services. This will enable fintech companies and others to utilize KFTC's services to launch new financial services.

An API refers to a predefined communication protocol that allows one program to access the functions or data of another program. An open API is a method of providing services by making them available externally through API access.

KFTC will continue to consult with financial authorities to gradually expand open APIs into various business areas such as authentication services and Account Information Service (AIS). Additionally, it plans to establish a comprehensive portal within this year to enhance API usability and strengthen development support.

A KFTC official stated, "Through an open platform, we plan to promote open innovation flexibly with fintech companies and others," adding, "While supporting the government's open innovation, we will strive to ensure that the public can experience safer and more convenient financial payment services."

This content was produced with the assistance of AI translation services.