Korea Open Banking

Korean Open Banking Platform

ActiveOpen BankingAsia
🌍
Jurisdiction
South Korea
📅
Effective Date
2019
Dec 1, 2019
✅
Full Compliance
2019
Dec 1, 2019
🏛️
Regulator
Financial Services Commission

Overview

South Korea operates a centralized Open Banking Platform managed by KFTC. It's a market-driven model with government-operated infrastructure. The platform enables account balance checks, transaction history, debit/credit transfers, and account holder verification.

Scope & Coverage

AISPISBalance InquiryTransaction History

Key Requirements

1
KFTC platform connectivity
2
FSC registration
3
Standardized APIs
4
Consumer consent

Implementation Timeline

Feb 1, 2019
Open Banking unveiled
Oct 1, 2019
Open Banking pilot launched
Dec 1, 2019
Open Banking fully operational

API Specifications

Technical standards and API specifications for implementing Korea Open Banking:

Official Documents & Resources

Key Notes

Platform model operated by government (KFTC). 17 banks and 33 fintech firms at launch.

Official Resources

Related Regulations

Other open banking frameworks in Asia:

Need to comply with Korea Open Banking?

Explore API aggregators that support South Korea compliance.

Want to integrate Accounting & ERP data?

Connect to 30+ accounting platforms through a single unified API with Apideck.

Explore Apideck Accounting API