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. The platform, which counts 25 banks and 16 brokerage firms as partners, aims to eliminate barriers that discourage consumers from trying out new services, make it easier for them to switch providers, and force companies to provider more innovative and competitive services. decades , the Korea ’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. The platform, which counts 16 banks and 25 brokerage firms as partners, aims to eliminate barriers that discourage consumers from trying out new services, make it easier for them to switch providers, and force companies to provider more innovative and competitive services. Last week, the UK’s Competition and Market Authority released a report announcing it would require banks to participate in a similar initiative.