Open banking transaction value South Korea 2019-2021

Published by L. Yoon, Jan 22, 2024
In December 2021, the average daily value of money transferred via open banking in South Korea amounted to around 1.12 trillion South Korean won, up from about 420 billion South Korean won in December 2020. The volume of open banking transactions in South Korea has grown rapidly since the service was launched in December 2019.

Average daily value of open banking transactions in South Korea from December 2019 to December 2021 (in trillion South Korean won)

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Release date

April 2022

Region

South Korea

Survey time period

December 2019 to December 2021

Supplementary notes

Open banking refers to a banking system that allows customers to access financial services from multiple banks through a single smartphone application.

1,000 South Korean won equals 0.74 U.S. dollars or 0.74 euros as of September 2022.

Figures have been rounded.

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