The Korean government is launching a database of consumers' financial information to provide financial services companies with data that will automatically populate the apps they build. According to South Korea's Financial Services Commission, which oversees banks, banks are required by law to collect and store customers' personal information, including their names, addresses, phone numbers, email addresses and credit card numbers. It looks like the platform will essentially serve as database of consumer financial information that is accessible via API. Last week, the UK’s Competition and Market Authority released a report announcing it would require banks to participate in a similar initiative.
The Korean government is launching a database of consumers' financial information to provide financial services companies with data that will automatically populate the apps they build. According to South Korea's Financial Services Commission, which oversees banks, banks are required by law to collect and store customers' personal information, including their names, addresses, phone numbers, email addresses and credit card numbers. Last week, the UK’s Competition and Market Authority released a report announcing it would require banks to participate in a similar initiative.