Shinhan Bank starts using new ID verification system for foreigners

Shinhan Bank announced Monday that it implemented the government's residence card verification system at its branches the same day and will do so for its online banking channels, such as the Shinhan SOL application in October.

A promotional image announces that Shinhan Bank implemented the government's residence card verification system [SHINHAN BANK]

Foreign customers at Shinhan Bank will be able to use residence cards to verify their identity for online banking tasks starting in October.

The company said Monday that it implemented the government's residence card verification system at its branches the same day and will do so for its online banking channels, such as the Shinhan SOL application in October.

When the bank implements the verification system for online banking, foreign customers will not be required to visit branches in person to open bank accounts.

The move follows other major banks implementing the government's new residence card verification system, which was created in July.

Jeonbuk Bank, Hana Bank and Toss Bank on Monday also started using the government verification system for online banking tasks.

The Justice Ministry plans to get more banks and financial institutions to use the system.

"Our banking process will now become safer because there is a residence card verification system for not only Koreans but also for foreigners," a Shinhan Bank spokesperson said. "We will do our best to develop various services to enhance our banking security and offer convenient services."

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]