President Yoon Suk Yeol announced on July 29 that overseas Koreans will now be able to deliver financial powers of attorney verified by consulates online to domestic banks.
During a dinner meeting with the Korean community in Santiago, Chile, President Yoon stated, "There have been many complaints about the difficulties caused by powers of attorney when handling banking tasks." He explained that previously, individuals had to wait several days for documents to be sent by international mail after being verified by consulates.
He introduced the new system, which will save time and costs while making banking transactions much more convenient. The service is set to begin on July 31, with the final press release from the Overseas Koreans Agency stating that the 'Digital Consular Certification Financial Power of Attorney Service' started at 9 a.m. Korean time on July 30.
This service allows overseas Koreans to electronically send financial powers of attorney needed for banking transactions through domestic representatives. Previously, the original documents had to be sent via international mail after being verified by consulates.
Now, overseas Koreans can apply for the financial power of attorney through the 'Overseas Koreans 365 Civil Service Portal' and visit a consulate for verification. The verified documents will be electronically transmitted to designated financial institutions through the Overseas Koreans Agency and the Financial Settlement System.
Domestic representatives will no longer need to receive the original documents by mail; they can process banking transactions using a document verification number and the date of birth of the grantor. This change reduces the time from several days or weeks for international mail delivery and minimizes concerns about shipping costs and document loss.
Initially, seven financial institutions, including Shinhan Bank, Industrial Bank of Korea, Hana Bank, Kookmin Bank, NongHyup Bank, Busan Bank, and the Korea Post, will participate in the service. The Overseas Koreans Agency plans to expand the list of participating banks based on demand for financial transactions.
President Yoon remarked, "I don't understand why we haven't implemented this simple solution until now," emphasizing that the inconveniences faced by overseas Koreans are not just individual issues but challenges that South Korea must address collectively.
He added, "The government will carefully consider even the smallest inconveniences faced by our citizens abroad, ensuring that they feel the warmth and changes of their home country, no matter where they are in the world."
About 150 attendees, including members of Korean associations, senior citizens' groups, and the Korean Restaurant Association, participated in the meeting.
President Yoon noted, "Chile is one of the farthest countries from South Korea on the map, but when we recall the shared history, the distance between our two nations feels much closer." He expressed the significance of starting his visit in Chile with the Korean community.
He highlighted that Chile was the first Latin American country to recognize the South Korean government in 1949 and the first to sign a free trade agreement (FTA) with South Korea.
"At a time when the world did not know much about South Korea, Chile was the first to recognize our potential and extend a hand of friendship," President Yoon said, adding that the relationship between South Korea and Chile has always been built on trust rather than distance, prioritizing the future over the present.
He also expressed gratitude for the establishment of the Korean community in Chile, recounting how six Koreans with floral technology settled in Chile in the early 1970s, founding the Korean Association and establishing a Korean language school and community center in 1978.
President Yoon praised the Korean community for their contributions, stating, "Even amidst major earthquakes and social turmoil, our compatriots have raised funds and contributed to the recovery efforts for their Chilean neighbors who suffered greater losses. I am proud of our overseas Koreans who have elevated South Korea's status through their solidarity and dedication over the years."
He promised to support the next generation of overseas Koreans in taking pride in their Korean roots and to strengthen consular services for their safety and rights.
Hwang Sang-wook, president of the Chilean Korean Association, welcomed the attendees, stating, "There are about 2,300 Koreans living in Chile, making it the fourth-largest Korean community in South America. The second and third generations are thriving as public servants, professors, businesspeople, and professionals in Chile's mainstream society."
On July 30, President Yoon is scheduled to hold a summit with Chilean President José Antonio Kast to discuss the modernization of the Korea-Chile FTA, critical mineral supply chains, and infrastructure and investment cooperation.
* This article has been translated by AI.
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