A tenet of open banking is customers having control of their own data. The name of South Korea’s forthcoming MyData initiative captures the concept succinctly.
“But more than the individual my, it’s the broader data that distinguishes the new approach.”
The term open banking doesn’t do the approach justice. In terms of scope, it’s verging on open finance. MyData goes beyond payment accounts and credit cards to include all manner of savings accounts, loans, insurance and investment data. It’s even poised to extend into sectors like telecommunications, healthcare and energy. And the success of transaction initiation via MyPayment depends on it.
In exploring South Korea’s take on open banking, this report looks at the following:
- A global overview through a South Korean Lens
- Three South Korean traits
- Some South Korean applications
- Some global considerations
Download “My data, my payment: Open banking in South Korea” to learn how South Korea is preparing for a future in open finance that extends beyond the banking sector and is geared toward partnerships rather than third-party relationships.