IBK Industrial Bank of Korea is expanding the use of public MyData so it can electronically verify documents needed for corporate customers’ financial transactions. After first applying the service to corporate lending, it will also introduce it to deposit-taking services such as deposits. The bank said it is the first in the financial sector to apply the Interior Ministry’s corporate public MyData service to corporate deposit operations.

KakaoBank is expanding services for foreign residents in South Korea, offering mobile account opening without branch visits, dedicated verification and multilingual support. It introduced a foreigner account, check cards, overseas remittances and multilingual counselling. Customers can submit documents in-app and obtain balance and transaction statements. Fees for transfers and ATM use are waived under the same conditions as domestic customers. KakaoBank plans to add deposits, open banking and loan comparison next year.