KFTC and 8 Fintech Companies to Meet Quarterly... Formation of 'Open Fintech Council'

Participants are taking a commemorative photo after the Open Fintech Council held by the Korea Financial Telecommunications and Clearings Institute on the 8th. From the left: Seunggeon Lee, CEO of Viva Republica; Younggyeol Lee, Vice President of KUKON; Wongeun Shin, Vice President of Kakao Pay; Youngtak Kwon, CEO of FINK; Haksoo Kim, President of the Korea Financial Telecommunications and Clearings Institute; Taehun Kim, CEO of BankSalad; Intae Gyeong, CEO of Coupang Pay; Yeonhoon Jeong, CEO of NHN Payco; Inhyeok Choi, CEO of Naver Financial.
Photo by Korea Financial Telecommunications and Clearings Institute

[Asia Economy Reporter Song Seung-seop] The Korea Financial Telecommunications and Clearings Institute (KFTC) announced on the 8th that it has formed the Open Fintech Council and held its first meeting.

KFTC explained that the council was established to regularly discuss the development direction of open financial services together with major fintech companies as open API services expand.

An API refers to an interface that allows control over functions provided by an operating system or programming language. Open API is a method of making APIs publicly available for external use. Open API services are continuously expanding following the implementation of open banking, financial authentication, and open Giro.

The meeting was attended by Kim Hak-su, President of KFTC, along with eight major fintech companies involved in open API operations. Attendees shared industry status and exchanged opinions on related issues.

Future meetings will discuss ▲ discovering new fintech innovative services ▲ efficient implementation plans for KFTC’s open API operations ▲ government policies and industry trends related to fintech ▲ and other matters requiring consultation for the development of the fintech industry. Meetings are planned to be held regularly about once per quarter.

Kim Hak-su, President of KFTC, emphasized, “I hope that through the Open Fintech Council, many discussions and collaborations will take place for the leap forward of the future financial industry,” and added, “KFTC will take the lead in creating an open finance environment involving both the financial sector and fintech companies.”