Standard Chartered’s Korean banking arm has partnered with Israeli fintech PayKey to embed banking into consumers’ keyboards.
The bank says the partnership is part of its “embedded banking transformation”. Whilst the two are calling it the “first” solution of its kind, similar solutions – such as Zelf – have already launched in Europe.
The solution launch follows South Korea’s formal launch of open banking in December. Since launch, the country has said 20 million of its population is now using open banking services.
[Standard Chartered Bank Korea]: “[We’ve] creat[ed] an all new mobile banking experience with new technology.”
The new integration with PayKey allows mobile banking users in Korea to manage and send money via their keyboard “in any mobile app”. The bank references KakaoTalk and Naver – which power major direct messaging apps in South Korea, as well as WhatsApp.