[DigitalToday reporter Ji-young Lee] IBK Industrial Bank of Korea is expanding the scope of public MyData use so it can electronically verify documents held by public agencies that are required for corporate customers’ financial transactions. After first applying it to corporate lending, it will also introduce it to deposit-taking services such as deposits. The bank plans to reduce the burden on corporate customers to submit documents.

The bank said on Monday it will be the first in the financial sector to apply the Ministry of the Interior and Safety’s corporate public MyData service to corporate deposit operations.

Corporate public MyData is a system in which administrative agencies and public institutions electronically deliver information they hold to institutions that need it, such as financial companies, at a company’s request. It has previously been used mainly for financial transactions by individuals and sole proprietors.

The bank first introduced the service in January for corporate credit operations. With its application to deposit operations, corporate customers can now use public MyData across their overall deposit and loan transactions.

Corporate customers who want to use the service can request the provision of information at the bank’s branches or through internet banking. The bank will receive and use eight types of corporate information electronically, including business registration certificates and standard financial statement certificates held by the National Tax Service and the Ministry of SMEs and Startups.

The bank plans to expand the service to corporate card operations within this year. It will then push to apply it to non-face-to-face financial products offered through corporate banking.

A bank official said, "We expect it will help ease the burden on customers to prepare supporting materials from public institutions themselves."