South Korea’s digital banking services would become quicker, cheaper and easier. The Financial Supervisory Commission Monday decided to shift the current close-ended financial settlement network to an open-ended one.
The decision means consumers can do all types of banking services through one app. Even in the app, you can manage your funds at multiple banks at one app.
Under the plan, licensed fintech companies could work for transferring funds for customers. This is a major U-turn from the current monopoly by banks in fund transferring services.
Remittance fees would be cut by 90 percent as competition gets escalating among banks and fintech companies for cash transfer services.
The online banking services would become quicker than before as Internet speed gets faster and faster.