In a joint initiative, the Ministry of Justice (MOJ), the Financial Services Commission, and the Korea Financial Telecommunications & Clearings Institute (KFTC) have announced the launch of the ‘Residence Card Verification Service’ from September 18. This service aims to simplify mobile financial transactions for registered foreign residents.
How Does the Service Work? When a registered foreigner uses a mobile banking app and needs to verify their identity using their residence card, they can submit their card details, including the Permanent Resident Card and Overseas Korean Resident Card, to the financial institution. This data is then forwarded to the Ministry of Justice, which cross-checks the card details and photo with its records, verifying the card’s authenticity in real-time.
Previously, due to the absence of such a verification system, registered foreigners faced challenges, often requiring them to make in-person visits to banks, especially for tasks like opening a bank account. Notably, only Korean nationals had access to verification services for residence registration cards, drivers’ licenses, and passports.
A Response to the Amended Immigration Act The introduction of this service follows the amendment of the Immigration Act in December 2022. With the establishment of the ‘Residence Card Verification Service’ system, which bridges the MOJ and financial institutions, registered foreigners can now seamlessly conduct financial transactions via their mobile devices, eliminating the need for physical bank visits.
Initially, the service will be rolled out within the banking sector. After ensuring system stability and assessing demand, the service will be expanded to non-banking financial institutions. A comprehensive list of participating financial companies will be available on the Korea Immigration Service website and HiKorea portal.
Justice Minister Han Dong-hoon emphasized the significance of aligning local living standards with global benchmarks to attract foreign talent. He expressed optimism that the Residence Card Verification Service will significantly reduce the inconveniences foreigners face in financial transactions.
