Less paperwork, AI-powered banking: KakaoBank joins race for foreign customers

KakaoBank on Monday launched a range of financial services for international residents in Korea, joining local lenders in the race to attract customers from the country's growing foreign population. The new offering from the internet-only lender includes checking accounts, debit cards, overseas remittances and artificial intelligence (AI)-powered multilingual support. "Even though banking has become much more convenient for domestic customers, foreign residents still face the kind of inconvenience we experienced in the past, when we had to visit bank branches just to open an account," Bae Jung-ho, head of KakaoBank's Foreign Customer Camp, said during a press conference in Seoul. "By providing foreign residents with the same app that our 28 million customers already use, we were able to launch more than 50 services at once," he added. KakaoBank's Foreign Resident Account is available to residents aged 19 or older who have an accepted form of identification and a mobile phone registered in their name. Applicants can open an account through a mobile chatbot in about five minutes, the bank