Government Employees Pension Service Launches One-Stop Loan Service Using Blockchain

Omitting the Document Issuance Process

The Government Employees Pension Service announced on November 5 that it has launched a blockchain-based intermediary loan service for pension recipients, in collaboration with 11 financial institutions including NongHyup Bank, Shinhan Bank, Woori Bank, and KB Kookmin Bank.

With the introduction of this service, pension recipients can now apply for loans through a one-stop process without the need to issue separate documents. Previously, recipients had to obtain a pension payment confirmation from the pension service and submit it to the financial institution. Now, the confirmation is submitted in real time via the blockchain system at the time of loan application.

In addition, by linking the blockchain-based real-time system, pension information is provided directly to financial institutions, fundamentally eliminating the possibility of forgery or alteration and preventing personal information leaks, thereby enhancing security.

The pension service stated, "Pension recipients can now access loans more quickly and conveniently, while both the pension service and financial institutions are able to improve work efficiency and data reliability at the same time."

The pension service also announced that it will continue to improve its services by leveraging advanced financial technologies such as blockchain, so that government employees can enjoy more stable and convenient financial services in the future.