NongHyup Bank to Offer Government Employee Agreement Loans Without Paper Recommendation Letters Starting End of Next Month

Public Officials Pension Service and Korea Financial Telecommunications & Clearings Institute Sign Blockchain-Based Public Official Agreement Loan Innovation MOU

Son Hee-seong, Head of the Korea Financial Telecommunications and Clearings Institute, Oh Jeong-hoon, Head of the Government Employees Pension Service, and Lee Sang-rae, Vice President of the Digital Finance Division at NongHyup Bank (from left), signed a business agreement and took a commemorative photo on the 15th at the NH Digital Innovation Campus located in Seocho-gu, Seoul.

[Asia Economy Reporter Kangwook Cho] NH Nonghyup Bank announced on the 15th that it signed a business agreement for a joint project on blockchain-based public servant agreement loan services with the Government Employees Pension Service and the Korea Financial Telecommunications and Clearings Institute at the NH Digital Innovation Campus in Seocho-gu, Seoul.

The main contents of the agreement include ▲ implementation of paperless processes to improve the issuance method of loan recommendation letters ▲ adoption of new digital technologies to enhance personal information protection ▲ cooperation on joint improvement measures to support the livelihood stability of public servants.

Through this agreement, NH Nonghyup Bank, the Government Employees Pension Service, and the Korea Financial Telecommunications and Clearings Institute will establish a blockchain-based automatic loan eligibility verification system through data linkage, enabling immediate loans at banks without issuing or submitting paper loan recommendation letters starting from the end of August.

NH Nonghyup Bank expects that public servant customers will benefit from simplified loan procedures as the issuance and submission of paper loan recommendation letters will no longer be necessary. Due to the blockchain’s characteristics that prevent data forgery or alteration, the time required for document verification at branches will be reduced, significantly increasing efficiency and convenience.

At the signing ceremony, Lee Sang-rae, Vice President of the Digital Finance Division at NH Nonghyup Bank, stated, "This agreement is the first blockchain pilot project linked with public institutions since the establishment of the NH Digital R&D Center organization," adding, "We will strive to lead the digital era through blockchain technology and other new digital technologies and realize a digital human bank that grows together with our customers."

This content was produced with the assistance of AI translation services.