Some parts of open banking look set to lift off in South Korea before the end of the year according to regulators, marking the latest in a surge of competitive measures aimed at the country’s banking sector.
Seoul’s Financial Services Commission (FSC) announced in late February that major financial institutions had agreed to create an open banking system, while legislative moves to formalise non-bank payment system access would follow.
At a seminar on open banking last week, FSC chairperson Choi Jong-ku said that a “pilot operation” enabling access via an application programming interface (API) would begin in October.
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