New Designation as an Innovative Financial Service
Starting from July, long-term foreign residents will be able to open deposit and withdrawal accounts and check cards with Shinhan Bank through the E9pay app.
Shinhan Bank announced on the 17th that it has newly designated the related service as an Innovative Financial Service by the Financial Services Commission and has begun preparations for the service introduction.
Shinhan Bank and E9pay are jointly developing a system that allows long-term foreign residents holding domestically issued identification cards to open new SOL Global accounts and check cards through the E9pay app. E9pay is Korea's first small-amount overseas remittance fintech company, with over 300,000 members. The service is scheduled to start in July.
Shinhan Bank expects to reduce language barriers and inconveniences such as personal information input that foreign customers face when opening accounts by utilizing the 16-language support service provided by E9pay, thereby enhancing financial accessibility and convenience.
Currently, Shinhan Bank is collaborating with E9pay to provide customized face-to-face account opening services for foreign residents in Korea. Account opening support is offered in native languages in foreigner-dense areas such as Ansan, Sinchon, and Gwanghwamun.
A Shinhan Bank official stated, "We applied for this Innovative Financial Service based on the insight that many foreigners face the greatest difficulty when entering customer information in Korean at the start of financial transactions," adding, "Together with E9pay, which has established a multinational human network, we will improve financial accessibility for foreign customers and prepare to offer differentiated services unique to Shinhan."
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