The Korean government is building a platform that will cut the time required for fintech companies to develop finance apps for their customers.

The platform – scheduled for launch by end August – will connect the electronic systems of financial companies, and allow fintech firms to build cross-cutting apps that pool financial services from more than one company, the Korea Joongang Daily reports.

Before this, projects were often delayed due to incompatible platforms, and the need for specific contracts between financial companies and fintech firms. However, “once the open platform is completed, fintech companies will no longer have to sign contracts with different financial companies,” said Yim Jong-yong, Chairman of the Financial Services Commission.

“It is now possible to develop a service that connects all financial companies, which will contribute to providing various financial services”, he added.

6 banks and 25 brokerage firms are now part of the platform, and it will be managed by two private corporations in the IT and financial payments industry.

Image by Namu Lim, licensed under CC BY 2.0