Starting Today, Saemaeul Geumgo and Shinhyup Apps Allow Viewing of Bank and Securities Accounts

Open Banking Participants Greatly Increase from the 22nd
Post Office, Mutual Finance, and Some Securities Firms Also Allow Account Checks at Once

[Asia Economy Reporter Kim Hyo-jin] Starting today (22nd), customers of credit unions, fisheries cooperatives, Saemaeul Geumgo, post offices, and some securities firms will be able to use Open Banking. Open Banking refers to a service that allows customers to view all bank accounts and transfer funds from a single bank or fintech app without the need to install multiple applications (apps). Previously, only banks and fintech companies participated.

The expansion from today includes mutual finance institutions such as fisheries cooperatives, credit unions, forest cooperatives, Saemaeul Geumgo, as well as post offices and some securities firms. Participating securities firms include Kyobo, Mirae Asset Daewoo, Samsung, Shinhan Financial Investment, Ebest Investment, Kiwoom, Hi Investment, Korea Investment, Hanwha Investment, KB, NH Investment, Meritz, and Daishin Securities.

Users of these securities firms will now be able to directly view and transfer funds from other banks' accounts through the respective securities firm's app.

The Financial Services Commission stated, "This will promote differentiated app development and customer service competition across financial sectors," and added, "We plan to continuously expand Open Banking participation in the first half of next year to ensure ongoing financial innovation."

Meanwhile, Nonghyup, which was scheduled to participate in Open Banking today, will open the service from the 29th due to a confirmed case of COVID-19.

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