Shinhyup Launches Open Banking Today "Join the Service and Receive Prizes"

Shinhyup to Launch Open Banking Service at 9 AM on the 22nd
Various User Benefit Events to Be Held Following Open Banking Service Launch
Shinhyup to Strive to Provide Diverse Financial Services While Preserving Its Identity as a Financial Cooperative

[Asia Economy Reporter Kim Hyo-jin] The National Credit Union Federation of Korea (NACUFOK) announced that starting from the 22nd, it will launch an open banking service through its mobile channel ‘OnBank’ that allows users to view and transfer funds from various financial institution accounts they hold.

Open banking refers to allowing financial companies to grant access to customers’ financial information held by them to other financial companies or third-party service providers with the customer’s consent. Through this, customers can register all their bank accounts with a single financial company or fintech application (app) to view and transfer funds at a glance.

With the service launch, OnBank users can register accounts from other banks, mutual finance institutions, as well as securities firms’ fund accounts all at once, and freely use transfer services from registered deposit and withdrawal accounts to NACUFOK accounts or accounts at other financial companies.

Additionally, the service provides a ‘Balance Gathering’ feature that transfers balances from registered accounts at other financial companies to NACUFOK accounts, and a ‘My Asset Status’ service that shows the balances of registered accounts at other financial companies.

From today until March 31 of next year, NACUFOK will also hold an event called ‘Join Open Banking and Come to Get Prizes (ON)’ to commemorate the launch of the open banking service. The event consists of two parts: ‘Register an account from another bank’ and ‘Gather balances from another bank account to NACUFOK account.’ Up to 2,985 participants will be awarded various benefits through a lottery, and all transfer fees on NACUFOK OnBank during the event period will be waived.

For the ‘Register an account from another bank’ event via NACUFOK open banking, users who register one or more accounts from other banks through the OnBank app or NACUFOK internet banking during the event period will be automatically entered into a draw to win prizes such as the ‘8th generation iPad’ and ‘cultural gift certificates’ for 2,653 winners.

For the ‘Gather balances from another bank account to NACUFOK account’ event via NACUFOK open banking, users who transfer or gather balances at least once from other bank accounts to NACUFOK accounts through the OnBank app or NACUFOK internet banking during the event period will be automatically entered into a draw to win prizes such as the ‘iPhone 12 mini’ and ‘cultural gift certificates’ for 332 winners.