Korea registers 30 million net open banking users

The Financial Services Commission (FSC) has announced that the number of Open Banking Net users has reached 30 million, according to an official statement.

The number of registered accounts exceeded 100 million when the open banking system went fully operational two years ago in December 2019. In two years the cumulative transaction volume via Open Banking reached more than 8.38 billion with a daily average volume of about 20 million transactions with a total amount of some KRW 1 trillion taking place daily. Statistical data to date have shown that Open Banking users most frequently used the account balance query service (68%), followed by the bank transfer (21%) and transaction query (6%) services.

In the beginning, Open Banking was only available at banks and fintech companies, but now the service availability has been expanded to a total of 120 financial institutions and fintechs, including financial investment firms, card companies and small and medium-sized fintechs.

The two-year operating time of Open Banking has contributed to opening up the financial market infrastructure traditionally known for its exclusivity. In the meantime, the authorities have been working to improve the system to increase its extensibility, fairness and stability. With Open Banking, financial consumers can use different types of financial services much more conveniently, while financial firms and fintech companies can develop and bring to market more innovative services through platforms etc.

Building on these results, the authorities will work in the future to introduce an open finance system beyond open banking, through which financial customers can use more comprehensive and personalized financial platform services that are tailored to their individual needs. To ensure strong security measures, the authorities will introduce a zero trust security requirement to strengthen system-wide security management, ensure data resilience and prepare a rapid response system for security-related problems.

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