South Korea’s Financial Services Commission and Overseas Koreans Agency have launched a service that electronically sends consular-certified financial powers of attorney to participating domestic financial institutions. Overseas Koreans can now authorize representatives to conduct banking transactions without mailing original documents internationally, reducing processing times from days or weeks to real time and removing postage costs and document-loss risks. Users apply through the Overseas Koreans 365 Civil Service Portal and visit an overseas diplomatic mission for consular verification. The digitally signed power of attorney is transmitted through systems operated by the Overseas Koreans Agency and Korea Financial Telecommunications and Clearings Institute. A domestic representative can then complete the transaction using the document issuance number and the authorizing person’s date of birth, while the institution verifies the document through the shared financial blockchain system. Shinhan Bank, Industrial Bank of Korea, Hana Bank, KB Kookmin Bank, NongHyup Bank, Busan Bank and Korea Post are participating initially. Woori Bank, Kyongnam Bank and iM Bank are scheduled to join in the second half of 2026, with further expansion of participating institutions and digital consular services planned.
South Korea Financial Services Commission2026-07-30
South Korea’s Financial Services Commission and Overseas Koreans Agency launch digital consular financial powers of attorney at seven institutions
South Korea’s Financial Services Commission and Overseas Koreans Agency have launched electronic consular-certified financial powers of attorney at seven institutions. The service replaces international mailing with real-time transmission and blockchain-based verification, allowing domestic representatives to transact without original paper documents. Three more banks are scheduled to join in the second half of 2026.