K Bank Opens Era of Electronic Repayment Authorization... Achieves '100% Non-Face-to-Face' Implementation

[Asia Economy Reporter Kim Hyo-jin] K-Bank announced on the 27th that it plans to introduce an 'Electronic Repayment Power of Attorney' system that implements the delegation procedure required for refinancing loans (switching loans) via mobile. The system will be utilized for the upcoming non-face-to-face apartment mortgage loans.

To refinance a mortgage loan without visiting a bank branch, customers must deliver a power of attorney with a registered seal and a certificate of seal impression to a legal representative. Since the certificate of seal impression cannot be issued online, customers must visit a community service center. This made '100% non-face-to-face loans' practically impossible.

After the commercialization of the Electronic Repayment Power of Attorney, customers only need to apply for refinancing loans and provide an 'electronic signature' to complete the delegation procedure. There is no need to separately obtain a certificate of seal impression. The legal representative prints out this electronic repayment power of attorney and delivers it to the repayment financial institution, completing the loan process.

K-Bank devoted efforts to developing the Electronic Repayment Power of Attorney during the approximately one year it had suspended loan operations. The system was developed in collaboration with Korea Trade Network, a subsidiary of the Korea International Trade Association, to enhance stability. Various related government ministries, including the Ministry of Science and ICT, the Ministry of Justice, and the Financial Supervisory Service, have also determined through non-action opinions that the Electronic Repayment Power of Attorney can replace written powers of attorney.

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