IBK, Signs Business Agreement to Establish Non-Face-to-Face Enrollment System for 'Jangbyeong Naeil Junbi Savings'

Starting June, when the system setup is complete, 가입 is possible through the iOne Bank app without visiting branches

[Asia Economy Reporter Song Hwajeong] IBK Industrial Bank of Korea announced on the 1st that on the 31st of last month, it signed a "Business Agreement for the Establishment of a Non-Face-to-Face Enrollment System for the Soldiers' Tomorrow Preparation Savings" at the Financial Settlement Service headquarters in Yeoksam-dong, Gangnam-gu, Seoul, together with KB Kookmin Bank, Military Mutual Aid Association C&C, Financial Settlement Service, and Raon Whitehat.

Through this agreement, IBK will build a soldiers' tomorrow preparation savings enrollment system utilizing blockchain-based digital identity verification. From June, when system development is completed, military personnel can obtain a digital eligibility certificate on the "Nara Sarang Portal" without visiting a branch and submit documents through the i-ONE Bank app to enroll in the product.

An IBK official stated, "We hope that the establishment of this non-face-to-face enrollment system will make it easier for military personnel to subscribe to financial products for asset formation," and added, "We will support them in preparing a lump sum through the Soldiers' Tomorrow Preparation Savings to help with studies, employment, and entrepreneurship after discharge."

The Soldiers' Tomorrow Preparation Savings is a policy financial product designed to support lump-sum savings after discharge for active-duty soldiers and other military service members. It is a high-interest (5% annual) flexible installment savings product with a monthly individual deposit limit of up to 400,000 KRW.

In particular, according to the social reintegration fund support project implemented since January this year, the government additionally supports one-third (33%) of the maturity principal and interest of the Soldiers' Tomorrow Preparation Savings at discharge. For the Army, if an individual deposits the maximum monthly amount of 400,000 KRW during the 18-month service period, it is possible to prepare a lump sum of about 10 million KRW at discharge.