{"id":12856,"date":"2019-05-28T06:36:04","date_gmt":"2019-05-28T06:36:04","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=12856"},"modified":"2019-05-28T06:36:04","modified_gmt":"2019-05-28T06:36:04","slug":"south-korea-plans-interbank-payment-network","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/south-korea-plans-interbank-payment-network\/","title":{"rendered":"South Korea plans interbank payment network"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s financial regulator has revealed plans to create an open interbank payment network. The system is expected to help the country foster more successful FinTech firms and rejuvenate the country\u2019s economy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Currently, only banks are granted access to the financial network to make money payments and transfers. Each bank is allowed to handle only its own banking services, and FinTech firms are hindered in their efforts by costs, as transaction fees for them are typically between USD 0.30 and USD 0.45 per transaction. The creation of the new network is expected to be accompanied by amendments to relevant laws that will allow FinTech firms to directly access the payment network and help lower transaction fees.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is no specific timeline for the network\u2019s launch, but South Korea\u2019s regulator plans to bring in the network online in phases in the near future.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-12856 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Fintechs Luring Skilled Staff Away from Banks and Tech Giants'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/fintechs-luring-skilled-staff-away-from-banks-and-tech-giants\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2022\/06\/97def162-19f2-8783-e33e-8e3853ac79431-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16702\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16702'>\n\t\t\t\tFintechs Luring Skilled Staff Away from Banks and Tech Giants\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 8th \u2013 15th May'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-8th-15th-may\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/05\/digest_cover-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-14924\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-14924'>\n\t\t\t\tBFC FinTech Monitor 8th \u2013 15th May\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Bank of Cyprus to launch first biometric EMV card'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bank-of-cyprus-to-launch-first-biometric-emv-card\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/hands-holding-a-credit-card-using-laptop-computer-and-mobile-phone-for-online-shopping_1232-4882-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8562\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8562'>\n\t\t\t\tBank of Cyprus to launch first biometric EMV card\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s financial regulator has revealed plans to create an open interbank payment network. The system is expected to help the country foster more successful FinTech firms and rejuvenate the country\u2019s economy. Currently, only banks are granted access to the financial network to make money payments and transfers. Each bank is allowed to handle only &hellip;<\/p>\n","protected":false},"author":5,"featured_media":12883,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,437],"tags":[70,75],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12856"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=12856"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12856\/revisions"}],"predecessor-version":[{"id":12857,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/12856\/revisions\/12857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/12883"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=12856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=12856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=12856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}