South Korean banks have launched an "open banking" system that allows customers to access the money transfer and payment functions of various banks on a single platform.

Ten commercial banks, including NH Nonghyup, Shinhan, Woori, KEB Hana and KB Kookmin, said on Wednesday that they launched the service on a trial basis from 9 a.m. 

Eight other banks, including the Korea Development Bank and Standard Chartered, will also join the program after fully preparing for launch.

The open banking system will allow customers to register their accounts from any participating bank on a single application to use financial services such as money payments and transfers. 

The full-fledged open banking system, which will include fintech companies as well, will launch December 18.