Korea’s JB Financial to bolster digital capability through open banking platform

2019.05.27 14:17:23

[Photo by JB Financial Group Co.]이미지 확대

[Photo by JB Financial Group Co.]

Korea’s JB Financial Group Co. will roll out its open banking platform to its lending units at home and abroad to beef up its digital financial service capabilities.

The open banking platform is built by using public application programming interfaces, thus allowing financial services companies to securely share financial data with other institutions. Its benefits include easier transfer of funds and comparing financial service offerings.

JB Financial Group developed open banking platform last year and is readying to expand the system to its flagship lenders Jeonbuk Bank and Kwangju Bank as well as overseas subsidiaries.

[Photo by JB Financial Group Co.]이미지 확대

[Photo by JB Financial Group Co.]

The group said Jeonbuk Bank will focus on strengthening peer-to-peer service and Kwangju Bank overseas remittance service through the open banking platform. The lenders will also adopt the artificial intelligence-backed computer systems for providing financial advisory service to customers and answering to inquiries.

It will also up its digital financial service capabilities abroad. The group has set up open banking platform at Phnom Penh Commercial Bank, which Jeonbuk Bank acquired in 2016, and plans to stretch its service to other Southeast Asian market.

Kim Ki-hong, chairman of JB Financial Group, said the group will carry out its digitalization strategy by clearly dividing up the roles for holding entity and lenders based on their functions to enhance its competitiveness.

By Kim Gang-rae and Cho Jeehyun

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