In South Korea, digital banking lacks a precise legal definition. Simplistically viewing it as merely banking services rendered online fails to capture the full scope of how such operations have evolved digitally in the country.
Lately, there has been a shift towards modularising banking services by function, and making them accessible to fintech companies without traditional banking licences. This shift, known as banking as a service (BaaS), is chiefly realised by integrating banking functionalities into fintech applications.
Banks supply the requisite financial infrastructure in this framework, but do not necessarily…
