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Toss Bank's New Identity Verification for Foreign Clients

Source: Tossbank

Seoul, South Korea - Toss Bank has implemented an Alien Registration Card Authenticity Verification Service to enhance security measures for its foreign customers in South Korea.

Why it matters

By the end of 2022, approximately 2.25 million foreigners will live in South Korea. This statistic from the Ministry of Justice underscores the importance of easily accessible banking services for this demographic.

The Key Points

1. Enhanced identity verification:

  • The new verification method is based on cooperation between the Financial Services Commission and the Ministry of Justice.
  • This service will verify the authenticity of foreign ID cards in real-time.
  • The method involves extracting photo features from the ID card and matching them with photos stored in the Ministry of Justice's database.
  • Combined with existing open data, this ensures a faster, more reliable, and accurate identity check for foreign customers.

2. Previous milestones:

  • In May last year, Toss Bank became a pioneer in digital banking by offering non-face-to-face banking solutions to foreign residents in Korea.
  • Before this innovation, foreign customers found opening their first bank accounts cumbersome and often required a physical branch visit.
  • With Toss Bank's digital solution, they now have the same access to contactless banking services as domestic customers.

3. Additional Offerings:

  • Toss Bank's offerings go beyond a standard account. For example, the Toss Bank Passbook offers a 2% pre-tax interest rate with no hidden conditions.
  • Customers can also take advantage of the "Earn Interest Now" feature, which ensures daily compounding of their principal and accumulated interest.
  • Other benefits include unrestricted use of deposit offerings (excluding loan services), group passbooks, and debit cards with cash-back benefits.
  • Foreign customers can also use free services such as money transfers and ATM transactions.

The Big Picture

Toss Bank's commitment to revolutionizing the banking experience remains steadfast.

The institution is optimistic that it will continue to refine its offerings, especially for its expatriate clientele, to bring about notable changes in the banking landscape.

Toss Bank representative remarked in its press release, "Since the launch of our foreign account opening service in May last year, we've been relentlessly improving our services for international customers. Our ultimate goal is to transform our clients' banking experience".