Foreign nationals residing in South Korea will be able to handle financial transactions using their digital residence cards from Friday, according to the Ministry of Interior and Safety on Thursday.
The move comes two months after the government launched digital residence cards for foreign national residents on January 10.
Able to be issued for foreign nationals aged 14 and above in possession of their own smartphones, the digital ID cards could be used for identification purposes in public institutions, hospitals and convenience stores up until now, carrying the same legal validity as a physical card for foreign nationals.
Starting Friday, the service will be extended to financial sectors, so foreign national residents in Korea will be able to handle financial transactions such as opening bank accounts with a digital ID.
The service will be available for six banks in Korea: Shinhan Bank, KEB Hana Bank, iM Bank, Busan Bank, Jeonbuk Bank and Jeju Bank. Shinhan Bank and Jeonbuk Bank will also allow their foreign national clients to use their digital ID cards when accessing their banking services online.
Other banks, such as Woori Bank, NongHyup Bank, Kookmin Bank and the Industrial Bank of Korea will also allow the use of digital ID cards between mid-April to late-June.
The digital residence cards, available for both iPhone and Android devices through the “Mobile IDentification App,” can be issued in two ways.
Those holding physical residence cards issued before 2025 must visit an immigration office to scan a QR code to receive their digital versions. Cards issued after Jan. 1 of this year will be embedded with an integrated circuit chip, so those who hold such cards will be able to issue their mobile residence card on their own by tapping the residence card on their smartphone.
lee.jungjoo@heraldcorp.com
