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Moody's: KEB Hana Bank's launch of open banking platform is credit positive

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Moody's: KEB Hana Bank's launch of open banking platform is credit positive

Hana Financial Group Inc. unit KEB Hana Bank's launch of an open banking platform is credit positive, Moody's said.

The rating agency said the platform will allow external parties to develop new applications on the bank's application program interface, or API. The South Korean bank's effort to seek more cooperation with external developers is credit positive since the new services will help it attract new customers while simultaneously creating new sources of fee income as a platform provider.

Cooperation with external developers will allow the bank to bolster its competitiveness, as well as offer more cost-efficient foreign-currency transactions, automated auto loans and cost-effective communication of financial products, Moody's noted.

Moody's expects more banks to launch open banking platforms in 2018, with Shinhan Bank Co. Ltd. preparing to launch a groupwide open platform that will leverage the diverse financial services provided by units of its parent, Shinhan Financial Group Co. Ltd., within the year. NongHyup Bank launched an open banking platform in December 2015 and opened its API to external parties for co-development of services with external companies.