Archived Brown Bag Lunch

15. Korea Office BBL- Open Banking for Inclusive Digital Finance: Global Trends and Korea’s Experience in the COVID-19 Era

"An overview of open banking and the key differences in the scope, policy, and technology frameworks adopted across different countries."

BBL Date - December 16, 2020

Fostering competition and innovation in digital financial services is becoming more important than ever with the challenges posed by the COVID-19 pandemic. Open Banking and open APIs (Application Programming Interfaces) have emerged as cross-cutting technology and policy frameworks that underpin many fintech models and offer opportunities to advance innovative financial services.  

Open Banking enables customers to have meaningful access to their data in a digital format that can be shared with trusted third parties. Through Open Banking, customers can have instant digital access to technology-enhanced financial products and services like credit and insurance, making payments from one’s bank account using a social media app, having a comprehensive view of their financial position, and identifying opportunities to avoid unnecessary fees and charges. In short, Open Banking can enable simpler and more efficient access to financial services for individuals and businesses and can increase competition in the financial sector, thereby contributing to expanding financial inclusion. In the post-COVID-19 era, the application and use of Open Banking are likely to get a stronger boost given the increased social distancing and growing need for contactless technologies. 

This webinar provides an overview of Open Banking and touches on key differences in the scope, policy, and technology frameworks adopted across different countries. The unique aspects of Korea’s Open Banking are introduced, and select fintech firms from Korea share their experiences of applying Open Banking to their services in times of the COVID-19. Some emerging topics on expanding Open Banking to Open Finance and economy-wide Open Data is also explored. 

The session is organized jointly by the Fintech Center Korea and the Seoul Center for Finance and Innovation of the Finance, Competitiveness and Innovation Global Practice of the World Bank Group.

About the Presenters

Yoo Shin Jung

Chairman, Fintech Center Korea (FCK)

Dr. Yoo Shin Jung is the Chairman of Fintech Center Korea and also serves as a Professor and Dean of the Graduate School of Management of Technology (MOT) at Sogang University. He has previously held various leadership positions in Korea’s financial sector, including the CEO of Korea Venture Investment Corp, the Vice President of Standard Chartered Bank Korea, and the Vice President of Shinhan Investment Corp. Dr. Jung holds an MBA degree from the Wharton School at the University of Pennsylvania and a Ph.D. in Economics from Kyonggi University.

Zafer Mustafaoglu

Practice Manager, East Asia and Pacific, Finance, Competitiveness and Innovation (FCI), World Bank 

Dr. Mustafaoglu is the Practice Manager for FCI in the East Asia and Pacific region. Previously, he was the Practice Manager for FCI in the Latin America region and Lead Economist / Program Leader for Argentina, Paraguay, and Uruguay. His expertise is in macro and micro policy areas including economic growth and productivity, innovation, financial inclusion, development banks, infrastructure finance, trade integration, SME support and enterprise development, foreign exchange rates, and debt sustainability. Zafer holds a Ph.D. in International Economics from the Middle East Technical University and a Masters degree in Economics from the University of Essex. Prior to the World Bank, he worked twelve years for the Turkish Government including the Prime Ministry State Planning Organization of Turkey.

Ivan Mortimer-Schutts

Senior Operations Officer, International Finance Corporation (IFC), World Bank Group  

Mr. Mortimer-Schutts is a financial sector development and policy specialist at the World Bank Group, based in East Asia for the IFC since 2012. Ivan joined the IFC from BNP Paribas, where he led retail and mobile banking strategy and development initiatives for emerging markets and managed the implementation of MiFID, a new European financial market legislation. Prior to that, he conducted financial sector regulatory studies for the Groupe d’Economie Mondiale and led operational business developments for a pan-European start-up in online retail brokerage services. Ivan holds an MPhil in International Economics from the Institut d’Etudes Politiques de Paris (Science Po).

Sameer Goyal

Program Manager, Seoul Center for Finance and Innovation, World Bank 

Mr. Goyal is Program Manager of the Seoul Center for Finance and Innovation in the Finance, Competitiveness and Innovation Global Practice at the World Bank. Prior to joining the Korea office, he led the financial sector engagement in Vietnam during 2009-2014. He joined the World Bank in 1997 as part of a special unit set up to respond to the Asian financial crisis and has since participated in numerous operations. His areas of expertise include financial sector policy reform, crisis management, and financial inclusion. He holds an MA and M. Phil degrees in Economics from Jawaharlal Nehru University, India, and an MBA in Finance and International Business from McGill University.

Harish Natarajan

Lead Financial Sector Specialist, Finance, Competitiveness and Innovation (FCI), World Bank 

Mr. Natarajan leads a global team on payments and market infrastructures in the FCI Global Practice at the World Bank (WB). He is a core member of cross-sectoral teams on financial inclusion, ID for development, government payments, digital economy, and FinTech. Harish represents the WB in working groups of the Committee on Payment Market Infrastructures (CPMI) at the BIS, IOSCO, and the FSB. Prior to the WB, Harish worked with VISA in senior positions in business development, operations, and risk management, and was with Citigroup, Infosys, and other technology companies in his early career. He holds a Post Graduate Management Diploma from IIM-Calcutta specializing in IT systems and Finance.

Yunjong Moon

Team Manager, Center for International Cooperation, Korea Financial Telecommunications & Clearings Institute (KFTC) 

Ms. Yunjong Moon manages KFTC’s international cooperation business. Since joining KFTC in 1997, she has gained considerable expertise and experience related to payments and settlements infrastructure, including integrated bill payments, online payments, CLS (FX PvP Settlement Service), Domestic Foreign Currency Transfer business, and cross-border ATM and remittances business. She holds a Bachelor’s degree in Business Administration from Sogang University.

Owen Lee

Data Exchange Lead, Rainist 

Mr. Owen Lee is the Data Exchange Lead at Rainist, which operates Banksalad, a money management and MyData platform service. Previously, he was a Senior Product Manager at Amazon based in Seattle, and Senior Manager of Strategy and Planning at Samsung Electronics based in the US. Mr. Lee holds an MBA from Emory University. He has also co-translated a book titled “Itanium Rising: Breaking through Moore's Second Law of Computing Power.”

Michael Yongcheol Choi

Chief Innovation Officer, Korea Financial Solutions Inc. 

Mr. Michael Yongcheol Choi is the Chief Innovation Officer of Korea Financial Solutions Inc., the first in-house startup of KOSCOM. Korea Financial Solutions operates Finset N, which offers a personalized loan marketplace and analytics services. Previously, he was the Sales Director at MapR Technologies, Sales Executive at Nuance Communications, and Senior Software Engineer at Openwave Systems. Mr. Choi holds an MS in Computer Science from POSTECH.

Join the Discussion

Joy Mildred Adhiambo

- Apr 19, 2021
Not Visible

MOHAMMAD

- Dec 25, 2020
great

Ki

- Dec 24, 2020
great!

Mohammad Nadir

- Dec 23, 2020
Excellent topic!
Log in to comment  Don't have an account? Register Now