South Korean banks prepare for live launch of Open Banking

South Korean banks prepare for live launch of Open Banking

South Korea is to move to a full-scale launch of Open Banking services later this month, having attracted 2.39 million users in a two-month pilot trial.

Scheduled for launch on 18 December, a total of total of 5.51 million open banking accounts have been registered, with the number of transactions reaching 49.64 million, since the commencement of a limited trial run with ten major local banks on 30 October.

For the full-scale roll-out, the initial pilot banks will be joined by eight other lenders, including including Citibank, Standard Chartered Bank, and two internet-only banks.

The government plans to review an expansion of the system to nonbank financial institutions in 2020, to include mutual finance, savings banks and postal services.

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