Less paperwork, AI-powered banking: KakaoBank joins race for foreign customers
KakaoBank on Monday launched a range of financial services for international residents in Korea, joining local lenders in the race to attract customers from the country's growing foreign population. The new offering from the internet-only lender includes checking accounts, debit cards, overseas remittances and artificial intelligence (AI)-powered multilingual support. "Even though banking has…
KakaoBank has introduced a suite of financial services tailored for international residents living in South Korea, joining other local banks in the competition to attract this growing demographic. The internet-based bank's offerings comprise checking accounts, debit cards, cross-border money transfers, and AI-driven multilingual assistance.
Despite the increased convenience for domestic customers, foreign residents still encounter significant difficulties, similar to those faced in the past when opening an account required visiting physical bank branches. Bae Jung-ho, who heads KakaoBank's Foreign Customer Camp, addressed this during a press conference in Seoul. Leveraging the same app utilized by the bank's 28 million domestic customers, KakaoBank swiftly launched more than 50 services simultaneously.
The bank's Foreign Resident Account is open to individuals aged 19 or above who possess a valid form of identification and a registered mobile phone. Account creation can be completed via a mobile chatbot in approximately five minutes.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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