Fintech startup Cross ENF is joining hands with KB Kookmin Card to build daily financial services to improve financial access for foreigners staying in South Korea.

Cross ENF said on Aug. 11 it signed a partnership with KB Kookmin Card to lay the groundwork for daily finance for foreigners.

Under the agreement, the two companies will work to expand access to tailored financial services for foreigners, identify benefits specialised for foreign residents and link digital-based daily finance infrastructure.

They plan to lower barriers to entering the financial system that foreign residents face during the early settlement process and create an environment in which they can more conveniently use financial services needed in everyday life.

Cross ENF has accumulated experience in services for foreigners by operating overseas remittance and commerce businesses. KB Kookmin Card has run financial services for foreigners, including expanding non-face-to-face issuance of debit cards for foreigners and abolishing deposits for postpaid transit cards.

The two companies plan to link that business experience and financial infrastructure to identify tailored financial services for foreign customers.

Shin Won-hee (신원희), CEO of Cross ENF, said it is meaningful to create practical daily-life infrastructure that foreign residents need to live in South Korea. He said the company will continue to expand related services to reduce financial and daily-life inconvenience for foreigners residing in the country.