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Life & Info: Korea to launch open banking services in December Updated: 2019-04-16 14:49:06 KST

Korea will launch a service this December enabling customers to use a single application to access their accounts at different banks and make payments.
A senior officials at the Korea Financial Telecommunications and Clearings Institute says computer systems will be built and tested between May and October, and fintech firms will be able to access the system from December.
It's expected to not only make banking a lot more convenient but also to lower fees to around 4 U.S. cents per transaction -- just a tenth of the current amount.
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KOGL : Korea Open Government License
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