NH NongHyup Bank launches digital consular-certified financial power of attorney service for overseas Koreans

NH NongHyup Bank announced Thursday the launch of its "digital consular-certified financial power of attorney" service, designed to make domestic banking more accessible for Korean nationals and overseas Koreans living abroad.

The service issues and transmits financial powers of attorney — certified at overseas diplomatic missions — as electronic documents. Overseas Koreans who need to delegate domestic banking transactions to a proxy can now do so more quickly and conveniently.

The bank signed an MOU in May with the Overseas Koreans Agency, the Financial Services Commission, the Korea Financial Telecommunications and Clearings Institute and eight financial institutions, and has since built the necessary system infrastructure and completed IT development ahead of the full rollout.

With the service now live, financial powers of attorney are delivered to the bank in real time as electronic documents, allowing a proxy to visit a branch and complete transactions immediately — without the need to send documents by mail. The bank also applied blockchain-based forgery and tampering verification to strengthen security and reliability.

"This service is significant in that it removes the inconvenience overseas Koreans have faced when accessing financial services," said Kim Yong-hwan, head of the process innovation division at NH NongHyup Bank. "We will continue to expand customer-centered financial services grounded in digital technology."