The world’s first Fintech Open Platform was launched in Korea on August 30. Fintech Open Platform is a combination of a website where Fintech firms can download program commands used for development of Fintech services, and a physical space where they can actually run test operations of the programs they developed. It is evaluated that the opening of Fintech Open Platform will reduce time spent for developing a Fintech … of hypertension to patient g topsy.one service from years to just few months. Let’s find out how that is possible.
With in the platform, open API system is established where Fintech firms can download program commands needed when programming Fintech services with banking functions such as money transfer and balance check. Such programming codes are provided in the form of standardized application programming interface (API).
Until now, Fintech service developers had to sign separate contracts with each commercial banks and securities firms in order to embed banking services in their programs. For example, even iff a Fintech firm signed a contract with Bank A and launched a money transfer application linked with the bank, it had to sign different contracts with other banks separately because the program isn’t compatible with other banks.
However, with the launch of open API system, in order for a Fintech company to develop a Fintech service with banking functions it simply has to download program commands which 16 commercial banks and 25 securities firms provide in a single unified format. For instance, a Fintech company can develop a housekeeping book application with bank balance check function just by downloading a balance check API from the open API system.
As such the launch of Fintech Open Platform will significantly reduce time consumed for developing Fintech services.