The usage of banking-as-a-service (BaaS) platform in Korea is estimated to display an exponential CAGR of 16.7% through 2034. The adoption of banking-as-a-service (BaaS) platform in Korea is expected to increase from US$ 134.3 million in 2024 to US$ 628.3 million by 2034.
The adoption of BaaS platforms is witnessing an impressive uptake in Korea as banks, investment firms, and fintech corporations turn to this disruptive technology for greater influence in the financial payment ecosystem.
Korea holds significant potential for BaaS platforms due to a growing population of digital-savvy young consumers and economically active population in the country. On top of that, leading banks in Korea are transforming the banking landscape by developing customer-first experiences, thus paving the way for BaaS providers.
By leveraging BaaS solutions like Application Programming Interface (API), banks provide easy access to financial information to their users. Now, with the emerging concepts of open banking and open finance, the financial landscape of Korea is predicted to revolutionize the way people interact with banks and other financial institutions in the country.
| Attributes | Details |
|---|---|
| Industry Size of Banking-as-a-Service (BaaS) Platform in Korea in 2024 | US$ 134.3 million |
| Expected Industry Size of Banking-as-a-Service (BaaS) Platform in Korea by 2034 | US$ 628.3 million |
| Forecast CAGR between 2024 to 2034 | 16.7% |
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| Leading Solution of BaaS Platform in Korea | Banking-as-a-Service Platform |
|---|---|
| Segment Share in % (2024) | 47.10% |
The adoption of banking-as-a-service platforms surpasses the adoption of banking-as-a-service APIs and traditional banking services in Korea. According to our study, the banking-as-a-service platform segment is expected to account for an industry share of 47.10% in 2024. The emerging wave of digitalization in Korea is supporting the adoption of sophisticated service platforms by various end users, thereby increasing the demand for banking-as-a-service platforms. The surging preference for optimized service platforms and automation competencies is expected to fuel the adoption of BaaS platforms across different end-use segments.
| Leading End User of BaaS Platform in Korea | Banks |
|---|---|
| Segment Share in % (2024) | 34.20% |
The leading end user of BaaS platform in Korea is banks. They are expected to hold a share of 34.20% in 2024. The increasing competitiveness in the financial landscape of Korea is prompting banks to opt for BaaS platform, allowing them to swiftly and conveniently introduce new services and banks without any investment in expertise and infrastructure. An increasing number of banks are deploying BaaS to enable robust digital banking solutions. With no requirement for personnel and IT infrastructure, BaaS also facilitates cost savings. This is mainly because BaaS providers usually offer these services on a pay-as-you-go basis.
Principal Consultant
Key providers of banking-as-a-service platforms in Korea are launching new and innovative solutions in line with the constantly changing demands from various organizations. Furthermore, various MNCs and banking companies are acquiring fintech startups to create omnichannel digital banking products, catering to customers and reducing their churn rate.
Leading players are also leveraging a robust partner ecosystem to advertise their products and services for wider adoption in Korea. Additionally, suppliers of banking-as-a-service platforms are providing excellent customer support to build customer trust and enhance satisfaction
Detailed Profiles of Leading Players Providing Banking-as-a-Service (BaaS) Platform in Korea
| Company Name | Company Particulars |
|---|---|
| Shinhan Bank | Shinhan Bank is a prominent commercial bank in Korea that provides an array of BaaS services, including APIs for lending, payments, and wealth management. |
| Kookmin Bank | Kookmin Bank is a key provider of banking-as-a-service platforms in Korea, these solutions are widely used by various financial institutions such as security firms, banks, and insurance companies. |
| Woori Bank | Woori Bank is a significant Korean bank that offers BaaS platforms to cater to various non-financial institutions, such as telecommunications companies, retailers, and travel agencies. |
| Kakao Pay | Kakao Pay is a prominent mobile payment firm that offers BaaS platforms, primarily used by merchants, such as convenience stores, restaurants, and cafes. |
Key Developments Occurring in Banking-as-a-Service (BaaS) Platform in Korea
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| Attribute | Details |
|---|---|
| Estimated Industry Size of Banking-as-a-Service (BaaS) Platform in Korea in 2024 | US$ 134.3 million |
| Projected Industry Size by 2034 | US$ 628.3 million |
| Anticipated CAGR between 2024 to 2034 | 16.7% CAGR |
| Historical Analysis of Demand for Banking-as-a-Service (BaaS) Platform in Korea | 2019 to 2023 |
| Demand Forecast for Banking-as-a-Service (BaaS) Platform in Korea | 2024 to 2034 |
| Solution | Banking as a Service Platform, Banking as a Service APIs, Services (Payment Processing Services, Digital Banking Services, KYC Services, Customer Support Services, Others) |
| Enterprise Size | Small and Mid-sized Organizations, Large Organizations |
| End User | Banks, FinTech Corporations, Investment Firms, Others |
| Report Coverage for Banking-as-a-Service (BaaS) Platform in Korea | Industry Size, Industry Trends, Analysis of Key Factors Influencing the Adoption of Banking-as-a-Service (BaaS) Platform in Korea, Insights on Korea Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers |
| Key Provinces Analyzed | South Gyeongsang, North Jeolla, South Jeolla, Jeju |
| Key Companies Profiled for Banking-as-a-Service (BaaS) Platform in Korea | Shinhan Bank; Kookmin Bank; Woori Bank; Kakao Pay; Toss; Toss Bank; Naver Financial; Samsung SDS; SK C&C; LG CNS; Others |
The anticipated CAGR for the industry in Korea through 2034 is 16.7%.
Demand for banking-as-a-service (BaaS) platform in Korea is expected to be US$ 628.3 million by 2034.
Launch of innovative solutions is the go-to strategy of players in Korea.
Banking as a service platform is significantly sought by end users in Korea.
Banks are the leading end user of banking-as-a-service (BaaS) platform in Korea.
1. Executive Summary
1.1. Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.7. Regional Parent Market Outlook
4. Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Solution
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Solution, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Solution, 2023 to 2033
5.3.1. Banking as a Service Platform
5.3.2. Banking as a Service APIs
5.3.3. Services
5.3.3.1. Payment Processing Services
5.3.3.2. Digital Banking Services
5.3.3.3. KYC Services
5.3.3.4. Customer Support Services
5.3.3.5. Others
5.4. Y-o-Y Growth Trend Analysis By Solution, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Solution, 2023 to 2033
6. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Enterprise Size
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Enterprise Size, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Enterprise Size, 2023 to 2033
6.3.1. Small & Mid-Sized Enterprises (SMEs)
6.3.2. Large Enterprises
6.4. Y-o-Y Growth Trend Analysis By Enterprise Size, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Enterprise Size, 2023 to 2033
7. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By End-user
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) Analysis By End-user, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End-user, 2023 to 2033
7.3.1. Banks
7.3.2. FinTech Corporations
7.3.3. Investment Firms
7.3.4. Others
7.4. Y-o-Y Growth Trend Analysis By End-user, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By End-user, 2023 to 2033
8. Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
8.3.1. South Gyeongsang
8.3.2. North Jeolla
8.3.3. South Jeolla
8.3.4. Jeju
8.3.5. Rest of Korea
8.4. Market Attractiveness Analysis By Region
9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Solution
9.2.2. By Enterprise Size
9.2.3. By End-user
9.3. Market Attractiveness Analysis
9.3.1. By Solution
9.3.2. By Enterprise Size
9.3.3. By End-user
9.4. Key Takeaways
10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Solution
10.2.2. By Enterprise Size
10.2.3. By End-user
10.3. Market Attractiveness Analysis
10.3.1. By Solution
10.3.2. By Enterprise Size
10.3.3. By End-user
10.4. Key Takeaways
11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Solution
11.2.2. By Enterprise Size
11.2.3. By End-user
11.3. Market Attractiveness Analysis
11.3.1. By Solution
11.3.2. By Enterprise Size
11.3.3. By End-user
11.4. Key Takeaways
12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Solution
12.2.2. By Enterprise Size
12.2.3. By End-user
12.3. Market Attractiveness Analysis
12.3.1. By Solution
12.3.2. By Enterprise Size
12.3.3. By End-user
12.4. Key Takeaways
13. Rest of Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Solution
13.2.2. By Enterprise Size
13.2.3. By End-user
13.3. Market Attractiveness Analysis
13.3.1. By Solution
13.3.2. By Enterprise Size
13.3.3. By End-user
13.4. Key Takeaways
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Solution
14.3.3. By Enterprise Size
14.3.4. By End-user
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Sopra Banking Software
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.2. Solarisbank AG
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.3. Bankable
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.4. Treezor
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.5. 11:FS Foundry
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.6. Clearbank Ltd.
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.7. Q2 Software, Inc.
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.8. Green Dot Corporation
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.9. Sterling National Bank
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.10. Banco Bilbao Vizcaya Argentaria (BBVA), S.A
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.11. Unit Finance Inc.
15.1.11.1. Overview
15.1.11.2. Product Portfolio
15.1.11.3. Profitability by Market Segments
15.1.11.4. Sales Footprint
15.1.11.5. Strategy Overview
15.1.11.5.1. Marketing Strategy
15.1.12. Starling Bank
15.1.12.1. Overview
15.1.12.2. Product Portfolio
15.1.12.3. Profitability by Market Segments
15.1.12.4. Sales Footprint
15.1.12.5. Strategy Overview
15.1.12.5.1. Marketing Strategy
15.1.13. Treasury Prime
15.1.13.1. Overview
15.1.13.2. Product Portfolio
15.1.13.3. Profitability by Market Segments
15.1.13.4. Sales Footprint
15.1.13.5. Strategy Overview
15.1.13.5.1. Marketing Strategy
15.1.14. ADVAPAY OÜ
15.1.14.1. Overview
15.1.14.2. Product Portfolio
15.1.14.3. Profitability by Market Segments
15.1.14.4. Sales Footprint
15.1.14.5. Strategy Overview
15.1.14.5.1. Marketing Strategy
15.1.15. Technisys
15.1.15.1. Overview
15.1.15.2. Product Portfolio
15.1.15.3. Profitability by Market Segments
15.1.15.4. Sales Footprint
15.1.15.5. Strategy Overview
15.1.15.5.1. Marketing Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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Banking-as-a-Service (BaaS) Platform Industry Analysis in Korea
