Overseas Koreans Can Handle Banking Without International Mail... Financial Power of Attorney Goes Digital

Power of Attorney Documents to Be Sent Electronically from Overseas Missions to Banks
Service Launches in July with Initial Participation from Eight Financial Institutions

Starting in July, the inconvenience faced by overseas Koreans who needed to send financial power of attorney documents, issued at overseas diplomatic missions, to Korea via international mail when entrusting domestic banking work to a representative will be eliminated.

On May 13, the Financial Services Commission announced that it had signed a business agreement with the Overseas Koreans Agency, Korea Financial Telecommunications & Clearings Institute, and eight banks to promote the 'Digital Consular Authentication Financial Power of Attorney Service' aimed at improving the convenience of domestic financial transactions for overseas Koreans.

Until now, Koreans residing abroad had to visit a diplomatic mission to obtain certified financial power of attorney documents, send them via international mail to their representative in Korea, and have the representative bring the documents to the bank in person. This cumbersome process could take several days to several weeks, and there was a risk of document loss or personal information leakage.

However, with the introduction of the Digital Consular Authentication Financial Power of Attorney Service, the certified power of attorney issued at overseas diplomatic missions will be immediately delivered in electronic document form to the designated bank in Korea. As a result, domestic financial transactions can be processed quickly without separate international mail delivery. In addition, through a blockchain-based system, banks will be able to directly verify the authenticity of the power of attorney, significantly reducing the risk of forgery or tampering.

This service will first be available at eight financial institutions: Shinhan Bank, IBK Industrial Bank of Korea, Hana Bank, KB Kookmin Bank, NH NongHyup Bank, Woori Bank, Busan Bank, and Korea Post. If demand for financial transactions using the digital consular authentication power of attorney increases in the future, more institutions are expected to join.

Kwon Daeyoung, Vice Chairman of the Financial Services Commission, stated, "This service marks a meaningful starting point in realizing the government’s inclusive policy for overseas Koreans in the financial sector without discrimination," and urged the financial sector to "continue its efforts to actively fulfill its social responsibility, including support for overseas Koreans."

Kim Kyung-Hyup, Commissioner of the Overseas Koreans Agency, said, "Now, overseas Koreans will be able to process domestic financial work more quickly and safely even from abroad," adding, "We will continue to expand digital civil service offerings that overseas Koreans can truly experience."