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Bank Salad ties up with Kakao Bank for open banking service

South Korean budget app Bank Salad said Friday it will start providing tie-up services with internet-only Kakao Bank later this month, allowing users to manage their online bank accounts more efficiently in line with the launch of open banking services.

Financial technology firm Rainist, which operates Bank Salad, had launched a task force to prepare for the services in partnership with Kakao Bank, ahead of Dec. 18, when financial authorities will formally greenlight operations of open banking services for all banks and fintech firms. 

A promotional image for Bank Salad. (Rainist)
A promotional image for Bank Salad. (Rainist)

Through the open banking service, Bank Salad users will be able to check their Kakao Bank account records, including withdrawals, deposits and transactions, through the mobile money management app, according to Rainist. It will also allow users to manage combined assets more efficiently.
Preregistration for the tie-up service is currently possible via the Bank Salad mobile app.

Since kicking off Oct. 20, the trial operation of open banking services -- involving 10 local lenders -- has attracted 2.39 million users as of early December, the Financial Services Commission said.

A total of 5.51 million open banking accounts have been registered, with the number of transactions totaling 49.64 million, it added.

The trial operation, however, did not involve the nation’s two internet-only banks -- K bank and Kakao Bank -- and a few other commercial lenders.

By Jung Min-kyung (