Apps open up in South Korea for personal finance
The South Korean government is launching an open platform designed to let firms develop and test apps for personal finance management.
According to Korea Joongang Daily, the platform will be available at the end of this month. The Financial Services Commission in South Korea announced today (10 August) that 16 banks and 25 brokerage firms are taking part in the joint open platform, which includes an open API and a test bed.
“Once the open platform is completed, fintech companies will no longer have to sign contracts with different financial companies,” says Yim Jong-yong, Financial Services Commission chairman. “It is now possible to develop a service that connects all financial companies, which will contribute to providing various financial services.”
An example provided by Korea Joongang Daily is that current apps only allow viewing of bank accounts from a single financial company. In future, an app that allows consumers to view all their accounts in different institutions will be available thanks to the open platform.
The platform will be managed by the Korea Financial Telecommunications and Clearings Institute and Koscom Corporation. The former manages several inter-bank payment systems, the latter is a South Korean financial IT solutions firm.
The fintech scene in South Korea has been lively of late.
The nation’s banking sector is getting a shake up with two digital-only banks applying for regulatory approval in the second half of this year.
IBM and SK Holdings C&C, a South Korean IT services company, are planning to bring IBM’s Watson cognitive technology language services to the country’s banking space.
Korea Exchange (KRX), the securities exchange operator in South Korea, also announced plans to launch a platform powered by blockchain to liven up the off-board trading market.