20 Korean financial institutions adopt ID verification for foreign customers
A total of 20 Korean financial institutions, including banks, savings banks, securities brokerage firms and a credit card company, have adopted the government's identity verification service for foreign residents, according to the Justice Ministry on Friday.
The system enables foreign nationals in South Korea to have their identification verified using their residence cards to access personal financial services -- such as opening a bank account, taking personal loans and wiring money overseas -- both via mobile and bank branches at 10 institutions.
These are three commercial banks, namely KB Kookmin Bank, Shinhan Bank and Woori Bank; state-owned Industrial Bank of Korea; credit card firm KB Kookmin Card; and five provincial banks, which are Kwangju Bank, Kyongnam Bank, iM Bank, Busan Bank and Jeonbuk Bank.
At Hana Bank, a commercial institution, and mobile-only Toss Bank, as well as savings banks JB Woori Capital and Welcome Savings Bank, foreign customers can use the system to verify their identity for mobile banking services only.
At these 14 institutions, foreign nationals can access a range of personal banking services and other financial services remotely, while the institutions can avoid the risk of identity fraud, according to the government.
The Justice Ministry introduced the "residence card verification service" in 2023 following a revision of the Immigration Act in December 2022. It has enabled financial institutions to immediately verify a foreign customer's identity based on immigration agency data, allowing access to financial services without the need for in-person visits.
At six other institutions -- Nonghyup Bank, Suhyup Bank, National Federation of Fisheries Cooperatives, Korea Federation of Community Credit Cooperatives, Mirae Asset Securities and Hana Securities -- the identity verification service is available for foreign customers at branches only.
The government said it was moving to add more financial institutions starting in June.
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