KakaoBank's foreign account service, aimed at international customers, has surpassed 20,000 account openings within just one month of its launch.
The bank announced on November 12 that the cumulative number of accounts opened since the service's introduction in October has exceeded 20,000, averaging one account opened every two minutes.
The foreign account is a deposit and withdrawal account available to foreigners aged 19 and older residing in South Korea. It utilizes public MyData to automatically retrieve information such as name, nationality, address, and occupation, allowing users to submit necessary documents like employment certificates and pay slips directly through the app.
In connection with the foreign account, over 10,000 'Friends Check Cards' have been issued, and more than 1,000 'Safe Box' accounts have been opened for storing excess funds.
Subscribers hail from 124 different countries, with Myanmar representing the largest share at 30.3%, followed by China (18.0%), Vietnam (16.6%), Thailand (4.8%), Japan (4.6%), and Uzbekistan (4.3%). Among the subscribers, international students make up the largest group at 37.8%.
KakaoBank plans to gradually expand its financial services for foreign customers. Following the current offerings of fee waivers for transfers and ATM withdrawals, check cards, and overseas remittance services, the bank intends to introduce savings and installment accounts, open banking, and loan comparison services next year.
A KakaoBank representative stated, "The ability to easily open an account without visiting a branch has resonated with foreign customers. We aim to broaden our service offerings so that users can access all necessary financial services through a single app."
* This article has been translated by AI.
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