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. In addition, providing fintechs with access to the platform will allow them to devote more time and resources to developing great products, rather than developing data partnerships with legacy institutions. 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 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.