You Can Become a ShinHyup Member Using a Smartphone

Shinhyup Central Association Launches Mobile Platform 'OnBank'
Members Can Join and Withdraw, Open Investment Accounts
All Financial Transactions Including Transfers and Inquiries Available

[Asia Economy Reporter Kim Min-young] The National Credit Union Federation of Korea (NACUFOK) has launched 'On(on)Bank,' a mobile integrated platform that allows members to join via smartphone for the first time in the mutual finance sector.

According to NACUFOK on the 21st, OnBank is the first in the mutual finance sector to enable non-face-to-face member registration and withdrawal, as well as the opening of investment deposit accounts. Additionally, the overall menu structure and layout, including the main screen, transfers, and inquiries, have been optimized to improve user experience with a simple design and enhanced mobile accessibility.

The launch of OnBank significantly enhances convenience for NACUFOK users. In addition to simple transactions and voice banking, it minimizes the use of public certificates, allowing all financial transactions?including joining OnBank, transfers, product subscriptions, and banking transactions?using pattern, fingerprint, face recognition, or simple passwords.

Users can view all accounts at a glance on the main screen, and a 'small amount transfer service' allows immediate transfers up to 2 million KRW without security media. Social Network Service (SNS) transfers are also available up to 1 million KRW. There are no fees for these services.

Issuing check cards has also become easier. The platform offers ZeroPay services that enable simple payments via QR codes and barcodes, as well as affiliated currency exchange services.

Mobile-exclusive products have been introduced as well. The 'Union' product offers a common interest rate based on NACUFOK's average deposit interest rate and provides tax benefits (only a 1.4% agricultural special tax is applied). The 'On (溫) Meeting Account' has been launched to facilitate convenient fund management for various gatherings and clubs.

Loans are also available. The '815 My Pocket Credit Loan' (loan limit of 5 million KRW) and the '815 Overdraft Loan' (loan limit of 100 million KRW) have been introduced for salaried and business income earners to obtain loans quickly and conveniently.

Various events are being held. Until the 23rd of next month, new subscribers to OnBank and electronic finance services will be entered into a draw to win various prizes such as laptops and air dressers. The first 1,000 new members who join through OnBank will receive a CU mobile gift certificate worth 10,000 KRW.

Customers who issue a NACUFOK check card through OnBank and spend more than 50,000 KRW will be entered into a draw to win prizes such as air purifiers worth up to 500,000 KRW.

Kim Yoon-sik, Chairman of NACUFOK, stated, "OnBank embodies the value of NACUFOK's 'Lifetime Eoljuka,' used by 13 million people, bringing us one step closer to a digital human credit union."