“We’ll change foreigners’ financial lives”: KakaoBank launches comprehensive financial services for foreigners

[Financial News] “Koreans are using a 2026 system, while foreigners are stuck in 2001. For example, there’s one app Koreans use and a separate one for foreigners. They can’t get banking benefits either.” (Dave, an American broadcaster)
KakaoBank has upended conventional wisdom about financial services for foreigners. While traditional banks have split services for Koreans and foreigners, for example by launching apps exclusively for foreign customers, KakaoBank has focused on enabling foreigners to enjoy the same services as Koreans. Foreign residents in Korea can use the existing banking app with AI translation and open an account in as little as five minutes without visiting a branch.
On the 12th, KakaoBank held a press briefing on its services for foreigners in Jung District, Seoul, and unveiled comprehensive financial services for the 2.2 million foreign residents in Korea. Starting that day, foreign customers could access around 50 services through the existing app, including opening an account, getting a card and sending money overseas.
The key to KakaoBank’s services for foreigners is its “single app” structure. It introduced AI translation so foreigners can use the same app as its 28 million existing customers. AI running on users’ devices automatically recognizes and translates Korean text on the screen. The translation also works for notifications, chatbots and chat consultations, not just the app interface. The service initially supports English, Chinese and Vietnamese, with support set to expand to seven languages next year.

At the press briefing that day, Bae Jeong-ho, head of KakaoBank’s Foreign Customer Camp, said, “What sets KakaoBank apart is that we haven’t separated the channels for foreigners and Koreans,” adding, “Using AI technology, we’ve applied multilingual infrastructure to most of the services foreigners use, including important notifications and chat consultations.”
Foreigners can open accounts through the KakaoBank app just like Koreans. The easy account-opening service is available to foreign nationals aged 19 or older from around 200 nationalities worldwide. KakaoBank said, “If no additional screening is required, you can open an account in about five minutes.” It has shortened the identity-verification and information-entry processes by using selfie verification designed for foreign customers and public MyData.
For security, KakaoBank has introduced measures to manage foreigners’ periods of stay, dedicated facial authentication and a fraud detection system (FDS). Asked about concerns that the service could be misused, Bae said, “We’ve focused on preventing electronic financial incidents—for example, gradually blocking transactions when a customer’s period of stay expires and requiring identity verification through selfie authentication if a suspicious transaction is detected.”
Foreign customers can also get a “Friends Check Card” starting that day and enjoy the same cashback benefits as domestic customers. KakaoBank will launch a card that can be used for overseas payments by the end of the year. Through its partnership with Hanpass, its overseas remittance service supports around 200 countries and around 50 currencies. Remittance fees to major countries such as the United States and China are free, and fees for receiving overseas remittances are waived without conditions.
KakaoBank plans to add savings and time-deposit, open banking and loan-comparison services next year. It will consider offering its own loan products over the longer term, as these require a separate credit assessment model that accounts for foreigners’ periods of stay and credit risks. KakaoBank says it is pursuing financial services for foreigners as a matter of financial inclusion rather than for immediate profits. It has not set out specific customer acquisition targets or a break-even point.
Bae said, “KakaoBank aims to provide equally easy-to-use and diverse services to Koreans and foreigners,” adding, “Just as we changed everyday life for Koreans, we’ll try to change foreigners’ financial lives too.”
[email protected] Seo Ji-yoon Reporter