Open banking transaction value South Korea 2019-2023

Published by L. Yoon, May 15, 2024

In 2023, the average daily value of money transferred via open banking in South Korea amounted to around 1.7 trillion South Korean won, up from about 1.4 trillion won in the previous year. The value of open banking transactions has rapidly increased since the service was launched in December 2019.

Average daily value of open banking transactions in South Korea from 2019 to 2023 (in trillion South Korean won)

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Release date

March 2024

Region

South Korea

Survey time period

2019 to 2023

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 0.73 U.S. dollars or 0.68 euro as of May 2024.

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