Shinhan Bank has launched a non-face-to-face service that allows parents to subscribe to a savings-type fund in their child's name without visiting a branch.
Shinhan Bank said on June 18 it launched the "Create Our Child Fund" service on Shinhan SuperSOL on June 17.
Create Our Child Fund supports non-face-to-face subscription to a savings-type fund in a child's name after parents verify the family relationship in the app.
With the service, customers can open an account in a child's name and subscribe to a savings-type fund regardless of time or location.
Shinhan Bank explained it prepared the service to meet customer demand to use diverse financial products such as stocks and funds, as well as savings and time deposits, to prepare for a child's future.
A Shinhan Bank official said, "It can also be used as an opportunity for financial education in which parents look at investment purposes and products with their children and teach the importance of long-term investment and asset management."