NH Nonghyup Bank has introduced a 'Digital Consular Certification Power of Attorney' service to enhance the convenience of domestic financial transactions for overseas Koreans.
The bank announced on July 30 that it will implement the digital consular certification power of attorney service for overseas nationals and foreign nationals of Korean descent.
The digital consular certification power of attorney allows for the issuance of a power of attorney certified by a consulate as an electronic document, which is then sent to domestic financial institutions. This service can be utilized by overseas Koreans who wish to delegate financial tasks to representatives in South Korea.
Previously, certified paper power of attorney documents had to be mailed to South Korea from consulates. Now, the power of attorney will be transmitted to banks in real-time as an electronic document, enabling immediate processing without the need for postal delivery. A blockchain-based verification feature has also been implemented to prevent tampering.
In May, NH Nonghyup Bank signed a memorandum of understanding with the Overseas Koreans Agency, the Financial Services Commission, the Korea Financial Telecommunications and Clearings Institute, and eight financial institutions to facilitate this initiative. Following system development and implementation, the service has now been launched.
Kim Yong-hwan, head of the Process Innovation Division at NH Nonghyup Bank, stated, "This service will reduce the inconveniences faced by overseas Koreans when handling domestic financial matters. We will continue to expand customer-centric services utilizing digital technology."
* This article has been translated by AI.
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