Two Years Since Open Banking Implementation, Total New Subscribers Surpass 30 Million

[Asia Economy Reporter Kim Jin-ho] The Financial Services Commission announced on the 21st that the number of net subscribers to Open Banking has surpassed 30 million two years after its full implementation. Open Banking was fully implemented on December 18, 2019, to promote financial innovation through the opening of the financial payment network.

According to the Financial Services Commission, the cumulative transaction volume exceeded 8.38 billion within two years of its launch. Approximately 20 million transactions and 10 trillion KRW in transactions are processed daily through Open Banking.

Overall, account-related functions such as balance inquiry (68%), withdrawal transfer (21%), and transaction history inquiry (6%) have high usage rates. The recently added card and prepaid information-related functions are also steadily increasing in usage. Open Banking is currently available on apps from over 120 participating institutions.

Based on the achievements so far, the Financial Services Commission stated that it will establish future directions to develop from Open Banking to Open Finance.

Specifically, the concept of Open Banking, which focuses on opening banks' account information and transfer functions, will be comprehensively expanded through the addition of other industries and products. Furthermore, by establishing a linkage base with other services and industries, it plans to promote innovation and competition in financial services and support the platformization of existing financial services.

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