"Military Personnel Can Instantly Join Tomorrow Preparation Savings Non-Face-to-Face Even Inside Units"

Financial Settlement Service, Digital Infrastructure Construction

The offline job fair for military personnel, which had not been held due to COVID-19, was held for the first time in three years. On the 11th, soldiers were looking for jobs at the "2022 First Half 1st Military Personnel Job Fair" held at Hall 5 of KINTEX in Goyang, Gyeonggi Province. This event featured over 120 company booths for recruitment interviews and consultations, as well as recruitment briefings and special lectures by notable figures. The Ministry of National Defense plans to hold a total of three job fairs this year, including this first fair, with additional events scheduled for June and September. Photo by Moon Honam munonam@

[Asia Economy Reporter Minwoo Lee] Soldiers will be able to sign up for the policy financial product "Jangbyeong Naeil Junbi Jeokgeum" non-face-to-face using smartphones even within their units.

The Korea Financial Telecommunications and Clearings Institute (KFTC) announced on the 31st that it has partnered with KB Kookmin Bank, IBK Industrial Bank, the Military Mutual Aid Association C&C, and Raon Whitehat to establish an infrastructure for subscribing to Jangbyeong Naeil Junbi Jeokgeum based on financial decentralized ID, enabling this non-face-to-face subscription service.

With this infrastructure in place, soldiers can now issue the "Jangbyeong Naeil Junbi Jeokgeum Eligibility Certificate" on their smartphones and subscribe to the savings product through smartphone banking applications without visiting a bank. Previously, they had to prepare various documents in person and visit bank branches. Under current laws, active-duty soldiers and full-time reservists are eligible to use this service, and the Military Mutual Aid Association C&C plans to negotiate expanding it to other service members such as compulsory police officers. The KFTC will continue to cooperate with related organizations to ensure more soldiers can benefit.

Jangbyeong Naeil Junbi Jeokgeum is a policy financial product designed to support the successful social transition of those fulfilling their military service obligations. If a subscriber deposits up to 400,000 KRW per month, the bank provides about 5% interest, and the government adds an additional 1% interest. Furthermore, an additional subsidy is provided on 33% of the principal and interest, enabling subscribers to accumulate approximately 10 million KRW upon discharge.

As a specialized institution in blockchain and digital identity verification, the KFTC plans to steadily expand identity verification and qualification certification services. A KFTC official stated, "We plan to digitalize various military-related identity and qualification certificates, such as the ID cards used by military officers, not only the 'Eligibility Certificate,' to allow easy presentation, secure storage, and submission," adding, "We will seek business partnerships with various public and private institutions to issue diverse identity and qualification certificates as digital certificates usable in financial services."

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