New System Allows Foreign Residents to Verify ID for Online Financial Transactions (Image supported by ChatGPT)
SEOUL, May 30 (Korea Bizwire) — Foreign residents in South Korea will soon find it easier to access non-bank financial services through mobile and online platforms, as the government expands its real-time ID verification system beyond the traditional banking sector.
On Friday, the Ministry of Justice and the Korea Financial Telecommunications & Clearings Institute announced the official rollout of the Foreign Registration Card (FRC) authenticity verification service to select institutions in the secondary financial sector, including credit card firms, insurers, and securities companies.
The system enables financial institutions to verify the authenticity of foreign registration cards, permanent resident cards, and overseas Korean residence permits by transmitting photo and text data to the Ministry of Justice, which cross-checks the information with its internal database and returns a validation response via the financial clearinghouse.
Before the system was introduced, financial personnel had to visually inspect ID documents, leading to low accuracy and limiting access to non-face-to-face services for foreign customers.
The system was first introduced to major banks in September 2023 and piloted in the secondary financial sector beginning January 2025. As of this month, seven secondary financial institutions are now officially using the service, with plans for broader adoption throughout the year.
Officials said the measure will allow registered foreigners to enjoy seamless access to financial services — from banking to insurance — both online and offline, while also helping prevent fraud involving forged or stolen IDs.
M. H. Lee (mhlee@koreabizwire.com)
