Open Banking Fintech Prepaid Recharge Balance Inquiry Service to Start from the 30th

Easily Check Fintech Transaction History on Bank and Post Office Apps

[Asia Economy Reporter Kim Jin-ho] Starting from the 30th, the prepaid balance inquiry service of 23 fintech companies participating in open banking will be implemented. This is significant in that all sectors participating in open banking mutually open the information they hold.

According to the Financial Services Commission on the 28th, from the 30th, users will be able to easily check the list of prepaid balances and transaction details of fintech companies they hold through major banks and post office apps.

Prepaid balance information of 23 fintech companies (Toss, Naver Pay, Kakao Pay, etc.) will be available for inquiry first, and the prepaid balance information of the remaining 4 companies will be provided sequentially by the end of August.

With the implementation of the prepaid balance inquiry service, all sectors participating in open banking will mutually open the information they hold. This is meaningful considering that fintech companies have so far participated only as user institutions without providing information.

In line with the launch of this service, the Financial Services Commission has also opened the Account Info service, which was previously available only to financial companies, to fintech companies. As a result, customers of fintech companies can automatically inquire and register all their accounts from all financial companies at once when registering accounts in open banking, without having to enter each account individually.

A Financial Services Commission official said, "Considering consumer and industry demand, we plan to review expanding participating sectors, expanding services and functions, and linking with other services," adding, "We will also seek ways to strengthen security so that open banking can operate stably as a core financial infrastructure."

Meanwhile, the open banking service, launched at the end of 2019, is rapidly settling in the market. According to the Financial Services Commission, as of the 25th, the number of open banking subscribers reached 89.76 million, and the number of accounts reached 166.82 million.