IBK Industrial Bank of Korea said on Tuesday it will continue applying a benefit that fully waives fees for non-face-to-face transfers to other banks this year.

The benefit is provided through non-face-to-face channels including corporate internet banking and the i-ONE Bank (Corporate) mobile banking app, and applies to all corporate customers, including sole proprietors and companies.

It applies equally regardless of company size or transaction performance, so that small business owners and early-stage startups can feel the effect of lower financial costs.

Typically, a fee of 500 won per transfer applies when sending funds to other banks through non-face-to-face channels, and a fee of 300 won per transaction is charged for automatic transfers to other banks. The bank estimated the waiver reduced the transfer-fee burden for about 2,080,000 corporate clients by a total of about 86.7 billion won.

An IBK Industrial Bank of Korea official said, "As a state-owned policy bank, we will contribute to easing the financial cost burden on small and medium-sized enterprises and small business owners." The official added, "We will fulfill our social responsibility so that anyone can enjoy non-discriminatory financial services anytime, anywhere."