The Ministry of Science and ICT's Korea Post announced on the 18th that it has signed a partnership agreement with SC First Bank and the Financial Settlement Agency at the Gwanghwamun Post Office to provide financial services from SC First Bank.
Under the agreement, the Financial Settlement Agency plans to provide network relay services for the rapid and stable execution of related tasks, while SC First Bank plans to prepare its systems to use the services starting in the second half of next year.
In particular, SC First Bank customers will now conveniently use deposit, withdrawal, inquiry, and ATM services at more than 2,500 post offices across the country without separate fees.
Korea Post signed a business agreement with iM Bank (formerly Daegu Bank) and Kyongnam Bank last November to ensure that digital vulnerable groups, including the elderly, do not face difficulties using financial services due to the accelerated closure of local bank branches. Since then, a total of nine agreements have been established with various banks, allowing customers of those banks to use their services, such as deposits and withdrawals, at post office counters without separate fees.
Additionally, with the opening of iM Bank's services at the end of this month, a total of ten banks are expected to provide services by the end of the year. Korea Post completed the 'shared use partnership of post office counter networks' with all major banks on this day, concluding with SC First Bank, and will now offer services from 11 banks.
Korea Post chief Joe Hae-geun said, “We will ensure that vulnerable groups in finance, including the elderly, do not face any inconveniences in using bank services through the continued expansion of the shared post office counter network partnership,” adding, “Korea Post will act as a financial service hub collaborating actively with government or private institutions to enhance the public welfare for citizens.”