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Games & Commerce

Post office launches pilot bank agency service for loan consultations in rural areas without bank branches

Korea Post has begun a pilot bank agency service to improve access to financial services in underserved areas. Korea Post chief Park In-hwan (박인환) visited the Cheongyang Post Office in South Chungcheong Province to inspect operations. The service allows residents in county-level areas without commercial bank branches to consult on and apply for bank loan products at head post offices. The pilot covers 20 post offices nationwide and offers consultations for eight products from four major banks.

Games & Commerce

Post offices start pilot loan applications for four major commercial banks

Residents in rural and fishing communities without commercial bank branches will be able to compare and apply for credit loans from four major banks at post offices. The Ministry of Science and ICT\'s Korea Post signed agreements with KB Kookmin, Shinhan, Woori and Hana Bank to promote agency banking services. Korea Post, the banks and the Korea Financial Telecommunications and Clearings Institute will run a pilot from July 20 at 20 head post offices in county-level areas.

Finance

Post offices and internet banks to step up joint loans to fill regional finance gaps

Post offices and internet banks in South Korea are moving to fill gaps left by shrinking bank branches, expanding access to loans for older people and local small merchants through nearby counters and mobile apps. The Financial Services Commission announced measures including a post office bank agency pilot, joint loans between regional banks and internet banks, and local government-linked mutual aid insurance. The plan also includes preferential loan terms and support to launch joint-loan products by 2027.