KakaoBank simplifies banking for foreign residents with mobile account service
KakaoBank’s account service for foreign residents attracted 20,000 accounts in its first month, drawing customers from 124 countries, the bank said Thursday. Introduced in October, the account is available to foreign residents aged 19 and older and can be opened through the bank’s app in about five minutes. Customers can also apply for debit cards and send money overseas through the app without…
KakaoBank launched a mobile account service targeted at foreign residents, reporting 20,000 accounts opened within its first month. The service, introduced in October, is accessible to residents aged 19 and above and can be set up through the bank's mobile application in approximately five minutes. Customers can also apply for debit cards and send money abroad through the app without needing to visit a physical branch.
To expedite the registration process, KakaoBank integrates with the government's Public MyData service, which automatically retrieves personal information like names, nationalities, addresses, and occupations. This feature enables users to access their administrative records from public institutions or share those records with third parties.
Applicants can upload necessary documents, such as employment certificates and pay statements, directly via the app. Myanmarese nationals made up 30.3 percent of the initial account holders, followed by Chinese nationals at 18 percent, Vietnamese at 16.6 percent, Thais at 4.8 percent, and Japanese at 4.6 percent. The primary reason for staying in the country was not specified in the source.
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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