South Korea has launched what they claim to be the world’s first platform dedicated to fintech development.
The Fintech Open Platform (FOP) is described as a combination of a website where fintech firms can download program commands used for development of fintech services, as well as a physical space where they can run test operations of any developed programs.
Previously any financial service innovators had to sign separate contracts with each individual bank in order to embed banking services within their programs, but the open API that’s within the FOP contains 16 commercial banks and 25 securities companies in a unified format.
A fintech start-up may now develop a housekeeping book application with bank balance check function just by downloading a balance check API from the open API system.
The development of the FOP only adds to the continuing effort in South Korea to make remove the barriers of financial innovation and allow entrepreneurs to create more businesses and services that benefit consumers and businesses.