Savings banks step up push into foreigner finance
Korean savings banks are stepping up efforts to tap the foreigner finance market, which has traditionally been dominated by commercial lenders, amid a steady rise in the country’s foreign resident population, industry officials said Wednesday. Data from the Ministry of Justice showed that the number of foreign nationals living in Korea increased steadily from 1.96 million in 2021 to around 2.83 million as of October last year, marking a record high. They now account for more than 5 percent of the nation’s total population. As their presence grows, so does their share of financial activity, including spending, payments and cross-border remittances. In response, savings banks have begun rolling out a range of tailored products for international customers, such as specialized savings accounts, installment plans, payment cards and loan programs. The focus is on addressing gaps in access to financial services, which migrant workers often find difficult to obtain. Savings banks see an opportunity to leverage their experience in providing mid-rate loans to low- and mid-credit borrowers, al
Feb 12, 2026By Jun Ji-hye
