Financial Services Commission Launches 'Open Banking Public Service' for 73 Savings Banks

Card Companies Also Scheduled to Sequentially Launch Open Banking Services

[Asia Economy Reporter Kwangho Lee] The Financial Services Commission announced on the 28th that it will launch open banking services for the public at 73 savings banks.

Open banking is a service that allows customers to view all their own accounts and transfer funds using only one app from a bank, mutual finance, securities company, or fintech (open banking participating institution app), without the need to install multiple financial company applications.

Since its launch in December 2019, it has quickly settled in the market. As of the 25th, there are 76.57 million subscribers and 138.53 million accounts.

The 73 savings banks will initially provide the service through the Savings Banks Association integrated app (SB Tok Tok+) or their own apps, and the remaining six savings banks will sequentially offer public services as soon as their system development is completed.

A Financial Services Commission official said, "With the implementation of open banking services at savings banks, open banking services will be available across all financial sectors providing deposit accounts," adding, "Financial consumers will be able to easily manage funds deposited in various financial companies through a single app, enhancing user experience and convenience."

He continued, "We expect to attract new customers and strengthen digital competitiveness through differentiated app development and customer service competition among participating sectors including savings banks," and added, "We plan to continuously expand participation in open banking, including card companies, to ensure ongoing financial innovation through open banking."

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