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Weekly Focus | Business - KakaoBank Expands Digital Banking Services to 2.2 Million Foreign Residents in Korea

KakaoBank has introduced more than 50 financial and lifestyle services for foreign residents in South Korea, marking a significant step toward greater financial inclusion and improved access to digital banking.

Announced on October 12, 2026, the initiative targets approximately 2.2 million foreign residents, a population that has grown by 38% since 2021. Foreign nationals aged 19 and older with valid residence identification and a mobile phone registered in their own name can now open bank accounts directly through the KakaoBank app in approximately five minutes.

The new services include debit cards, group accounts, savings management features, and credit card comparisons. Foreign customers can also benefit from the same cashback rewards and everyday banking features available to Korean users.

To facilitate international transactions, KakaoBank has partnered with Hanpass to offer overseas remittances to approximately 200 countries in more than 50 currencies. The platform also provides AI-powered translation in English, Chinese, and Vietnamese, alongside dedicated English-language customer support.

Further developments are planned for 2027, including additional savings products, open banking, loan comparison services, and expanded multilingual support covering seven languages.

By simplifying access to essential financial services and cross-border transactions, KakaoBank's initiative reflects South Korea's growing commitment to creating a more accessible banking environment for international residents, professionals, and entrepreneurs.

Sources: Seoul Economic Daily, October 13, 2026; The Korea Herald, October 13, 2026.

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