{"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='Netherland\u2019s cautious adoption of open banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/netherland-s-cautious-adoption-of-open-banking\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/OFDYVS0-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12984\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12984'>\n\t\t\t\tNetherland\u2019s cautious adoption of open banking\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 28th September \u2013 5th October'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-28th-september-5th-october\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/10\/mRwaRc1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15384\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15384'>\n\t\t\t\tBFC FinTech Monitor 28th September \u2013 5th October\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 24th February \u2014 10th March'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-24th-february-9th-march\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/03\/64e9e0ae-bcf0-48d7-8bb1-7eb5819b63811-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15861\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15861'>\n\t\t\t\tBFC FinTech Monitor 24th February \u2014 10th March\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}]}}