Hana Bank launches preferential account for farm and fishery employers of foreign workers

Hana Bank on Friday launched the "Hana Farm and Fishery Preferential Account," a tailored financial product for farm and fishery operators struggling with labor shortages and rising employment costs. The bank said the product is designed to support both foreign workers and their employers as South Korea approaches 3 million foreign residents.

Farm and fishery operators who transfer wages to foreign workers can earn up to 2.0 percent annual interest on balances up to 2 million won ($1,380), with no complex eligibility requirements. The base interest rate is 0.1 percent per year. Account holders who transfer at least 500,000 won per transaction to a foreign worker's Hana Bank account at least once a month receive a preferential rate bonus of 1.9 percentage points.

The account is open to individuals and sole proprietors engaged in farming or fishing. Applicants must submit either a farm management registration certificate or a fishery management registration certificate at enrollment. Each eligible operator may hold one account, available at Hana Bank branches.

"For farm and fishery operators struggling with aging populations and labor shortages, hiring foreign workers is a matter of survival," said Lee Jeong-hyeon, executive director of Hana Bank's foreign exchange business division. "As a trusted financial partner for foreign customers in Korea, we will provide real, practical support to farm and fishery operators and continue to practice inclusive finance and mutual growth."

Meanwhile, Hana Bank has been operating "Moving Hana Bank," a mobile branch vehicle for foreign customers, since June to serve farm and fishery workers and foreign employees who have difficulty visiting branches on weekdays. The vehicle travels directly to major rural farming and fishing communities and areas with high concentrations of foreign residents to provide on-site financial services.