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Payments General

JB Financial, CIMB Niaga join hands for open banking platform

Tuesday 18 December 2018 | 11:35 AM CET

Korea-based JB Financial Group has partnered with Indonesia-based commercial bank CIMB Niaga to introduce its open banking platform in Indonesia.

JB Financial is taking the lead as the first Korean banking group to export its own open banking platform, unlike other banks that usually enter overseas markets after acquiring local banking licenses. CIMB Group is part of ASEAN capital market. Its Indonesian unit CIMB Niaga has total assets of USD 18 billion.

JB’s open banking platform, called Obank, was launched in 2017 with aims to support smaller fintech firms to better cooperate with its banking affiliates. Under the extending partnership, customers can use more convenient financial services such as P2P lending, international remittances and bill payments. JB said the joint project will start operations in Jakarta and neighboring provinces from early 2019 and then expand across the nation.

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