NH Bank has announced on March 31 that it will introduce an “Open Financial Platform” in a bid to support the fintech businesses for the first time in the domestic industry.
The Fintech Financial Platform is a next-generation financial channel to support fintech companies to develop innovative fintech services.
Until now, it has been difficult for fintech businesses to combine existing financial computer systems provided by banks and new information technology. It takes more than two to three months for the administrative procedures alone to build a cooperative system with banks to make the developments possible.
Indeed, the most frequent request submitted in the fintech support center under the Financial Supervisory Service is to arrange meetings with banks. Even though fintech companies have brilliant ideas, it was hard to utilize them in finance and develop substantive fintech services.
Regarding this, NH Bank’s fintech financial platform will be the Open Financial Platform. According to the bank, any fintech business using its platform, whether it is a major company or start-up, can create innovative fintech services and apply them in finance without any complicated procedures.
Also, one of the advantages is that NH Bank has a high share in the financial settlement system, accounting for 23 percent of the total in the country.
As NH Bank pushes ahead with the Open Fintech Financial Platform, along with its Fintech Cooperation Center launched on March 16, it will be the first domestic bank that has a total support system for fintech companies.