South Korea’s FSC announces two new initiatives to expand open banking

The Financial Services Commission (FSC) of South Korea has introduced two new policy initiatives to further develop and expand open banking services in the country.
The first initiative involves expanding the scope of data available to open banking, including both personal and business accounts. This allows third parties to make multi-account inquiries simultaneously and in real-time, benefiting financial services companies in launching tailored fund management products for corporate clients.
The second initiative aims to make open banking available in an offline capacity, allowing account holders to use any bank or bank branch for services like account inquiries and money transfers.
South Korea currently has two infrastructure components supporting open banking: the open banking service launched in December 2019 and the API-based MyData service introduced in January 2022.
The FSC plans to develop the second generation of the MyData service, creating a platform where financial consumers can experience more diverse and convenient services more safely.
These initiatives aim to enhance convenience for financial consumers, enable innovative financial services, and provide offline access for the financially excluded.