KakaoBank Launches Open Banking Service... Initiates 'Kabang First' Strategy

Easily Register and Import Balances from Other Bank Accounts via My Account Menu

[Asia Economy Reporter Kim Hyojin] KakaoBank announced on the 7th that it has launched its open banking service for customers.

KakaoBank's open banking service focuses on managing 'My Account' and the 'Import' function. Customers can check the balances of deposit and withdrawal accounts from other banks and import balances from registered accounts at other banks. To do this, selecting 'My Account' within the KakaoBank application (app) allows convenient management of 'Other Bank' accounts.

Only deposit and withdrawal accounts, excluding savings, loans, and dormant accounts, can be registered from other banks. Customers can select other bank accounts retrieved via Account Info or enter the account number directly.

KakaoBank allows registration of up to three accounts from other banks. Deletion and modification of registered accounts are possible at any time.

Convenience has also been enhanced. When selecting accounts retrieved through Account Info, multiple accounts can be registered simultaneously. By consenting to 'Quick Transfer to My Account,' customers can easily and quickly import balances from other banks.

A KakaoBank representative stated, "We have thoughtfully developed the open banking service to make it easier and more convenient for customers to use. Through this, we aim to be at the center of customer transactions such as deposits, withdrawals, and transfers."

Meanwhile, open banking is a financial service that enables account inquiry and transfers for other banks within a single app. A pilot service was jointly launched by the banking sector in October last year, and it officially opened in December of the same year. Until now, KakaoBank has only provided data to other institutions as a participating bank. As of the end of June, KakaoBank has 12.54 million customers.