KakaoBank has launched remote account opening for foreign residents in South Korea, using selfie verification and public MyData to simplify identity checks within its existing mobile banking app. Eligible customers can open an account, obtain a debit card and access international remittances without visiting a branch.
The service is available to residents aged 19 and older who have a foreign identity document and a mobile phone registered in their own name. Customers follow a chatbot-guided process, with the bank using a selfie-verification flow tailored to foreign customers and public MyData for identity confirmation and customer information entry.
KakaoBank says account opening can take about five minutes. Supporting documents, including employment certificates and pay statements, can also be submitted through the app. Rather than requiring foreign customers to install a separate application, the service gives them access to the same app used by Korean customers.
AI translation supports English, Chinese and Vietnamese across app screens, major notifications and chatbot interactions. One-to-one consultations are available in English, and the bank plans to expand language support to seven languages next year.
The banking package includes transfer and ATM fee benefits and the same debit-card cashback offered to domestic customers. The first debit card is for domestic use, with an international payment version planned for early December. A partnership with Hanpass supports remittances to roughly 200 countries in more than 50 currencies.
Balances can be displayed in won alongside a customer’s selected currency. Foreign customers can also use group accounts and the bank’s SafeBox service, with deposit and savings products due to expand gradually next year.
South Korea has been developing digital identity tools for the same population. Its digital residence card program gives foreign residents a mobile credential for public and private transactions, including financial services.
A separate National Assembly forum on foreigner banking examined how government identity data and biometrics could support remote account opening, including access for newly arrived residents.
KakaoBank is beginning with essential banking services for adult residents. Its longer-term plans include expanding access to foreign minors, visitors and Koreans living overseas, alongside foreign-currency account functions and lending-related services. The bank says offering its own loans to foreign customers would require different credit-assessment models and supporting infrastructure.
Sources: Electronic Times, Aju Press
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By the ID Tech Editorial Team
