Korea Development Bank Foreign Exchange Review Submission Changes to Online Method

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Eunbyeol] Despite the continued spread of COVID-19, the Bank of Korea's foreign exchange examination submissions, which previously required in-person visits, will be changed to an online system within this year.

According to the Bank of Korea on the 16th, by September this year, the Bank will develop a computerized and partially automated system for foreign exchange examination tasks. This is a foundation for fully automating the examination tasks in the future using IT technologies such as big data and artificial intelligence (AI).

The Bank of Korea's International Department and the Digital Innovation Office, newly established in the second half of last year, reviewed ways to improve foreign exchange examination tasks to enhance work efficiency by utilizing digital new technologies. As a result, they judged that automation of foreign exchange transaction reporting and submission, and support for consultation tasks were urgent, but due to technical and legal constraints, they plan to prioritize improving only the reporting and submission process.

The online foreign exchange examination system will be developed divided into the reporting section (external network), where applicants submit documents such as reports, and the examination section (internal network), where examiners review the submitted documents. Once the system is developed, applicants will be able to submit foreign exchange transaction reports and check the progress without visiting the Bank of Korea's foreign exchange examination counter. They will also be able to receive a report certificate.

The Bank of Korea's International Department Foreign Exchange Examination Team handles public services such as foreign exchange transaction permits and report approvals under the Foreign Exchange Transactions Act, commissioned by the Ministry of Economy and Finance. Based on the Bank of Korea headquarters' foreign exchange examination team, the number of reports and permits last year totaled 5,947 cases, and telephone consultations reached 16,359 cases.

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