Regulatory Alerts2025-03-21 | 84215Mobile Foreigner Residence Card Accepted for Bank Accounts at Six Domestic Banks from March 21
The Financial Services Commission, the Ministry of Justice, and the Ministry of the Interior and Safety announced that foreign residents in Korea can open bank accounts and conduct transactions using mobile foreigner residence cards starting March 21, 2025. This policy applies to six domestic banks—Shinhan, Hana, iM, Busan, Jeonbuk, and Jeju—following legal recognition of the mobile card as a valid ID under the revised Immigration Act. The initiative aims to enhance convenience for long-term foreign residents by integrating blockchain-based mobile ID systems with financial sector procedures.
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