S. Korea includes fintech firms in open banking ecosystem

South Korea will expand its open banking platform ecosystem by inviting fintech service users, allowing more to enjoy simpler financial transactions.

Starting Friday, users of fintech services can check the balances of pre-paid accounts in the open banking platform.

The open banking service allows customers to use any mobile banking application to access their accounts in different banks.

The first batch of 23 fintech firms, including Kakao and Naver, will join major South Korean banks and credit card companies on the platform on Friday.

Four more fintech firms will join the platform by the end of August, according to the Financial Services Commission.
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Since its launch in 2019, the number of open banking system accounts has reached 166.8 million.