Dec. 17, 2018
JB Financial Group has entered into an agreement with Indonesia's CIMB Niaga commercial bank and Mitra Jasa Lima to offer its open banking platform in that country, according to a company release.
JB Financial, based in South Korea, originally launched Obank, its open banking platform in 2017, allowing various fintech companies to use open API's to develop new financial services. The platform can be used for a range of financial services, including peer-to-peer lending, bill payment and international funds transfer, according to the release.
The platform is expected to help more than 1,600 local banks in Indonesia expand their financial offerings, Roberto Akyuwen, deputy commissioner of banking supervisor at the Indonesia Financial Supervisory Authority, said in the release.
The collaboration is scheduled to begin in Jakarta and surrounding areas in early 2019 and later expand to the rest of the country.
Topics: Bill Payment, Mobile Banking, Money Transfer / P2P, Region: APAC
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