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  • New 8-Week Rule Expected to Improve Auto Insurance Loss Ratios
    New '8-Week Rule' Expected to Improve Auto Insurance Loss Ratios The implementation of the so-called '8-week rule,' which separately assesses the need for long-term treatment for minor injury victims of traffic accidents, has passed its final hurdle, raising expectations for improvements in auto insurance loss ratios. The insurance industry believes this is an opportunity to address high-cost treatment practices, such as the repeated billing of various traditional medicine treatments, known as 'set billing,' regardless of patient condition.On August 4, the government approved a revision to the enforcement decree of the Automobile Compensation Guarantee Act during a Cabinet meeting. According to the revision, minor injury victims classified as grades 12 to 14 must undergo a review by a medical professional to receive auto insurance coverage for treatment costs beyond eight weeks from the date of the accident.The Automobile Accident Compensation Promotion Agency will oversee the review process, with over 200 medical and traditional medicine specialists, each with more than ten years of experience in general hospitals, appointed as reviewers. The revised rule will take effect on September 10.The non-life insurance industry anticipates that this new system will help reduce unnecessary long-term treatments for minor injury victims, contributing to an improvement in auto insurance loss ratios. The cumulative loss ratio for auto insurance among four major non-life insurers—Samsung Fire & Marine, Hyundai Marine & Fire, DB Insurance, and KB Insurance—averaged 84.5% in the first half of this year, an increase of 1.9 percentage points compared to the same period last year.The rise in loss ratios has negatively impacted the profitability of auto insurance. Non-life insurers reported a loss of 189 billion won in the auto insurance sector during the first half of this year, marking the first deficit in six years for this period since 2020.Factors contributing to the worsening loss ratios include rising auto repair costs, parts prices, and wages for day laborers, along with the long-term treatment of minor injury victims and certain over-treatment practices.According to the Ministry of Land, Infrastructure and Transport, the number of minor injury victims from traffic accidents decreased from 1.554 million in 2019 to 1.488 million in 2024, reflecting an average annual decline of 0.9%. In contrast, treatment costs for these victims rose from 1 trillion won to 1.41 trillion won during the same period, showing an average annual increase of 7.0%. While the number of patients has decreased, the per capita treatment cost burden has increased.Industry experts argue that further improvements are needed regarding 'set billing,' which standardizes the implementation and billing of various traditional medicine treatments, such as acupuncture, moxibustion, and herbal injections, regardless of patient condition. Last year, set billing accounted for 64.4% of the 817.4 billion won in outpatient treatment costs for traditional medicine among the four major non-life insurers.However, some in the medical community have raised concerns that a uniform treatment duration standard may not adequately reflect individual recovery rates and treatment needs. They emphasize the need for objective criteria and an appeals process to ensure that patients requiring treatment are not denied coverage during the review process.An insurance industry representative stated, "The implementation of the 8-week rule could be a starting point to reduce unnecessary long-term treatments and insurance payouts. It is essential to protect the rights of patients who need treatment while also pursuing subsequent reforms to address high-cost treatment practices like set billing."* This article has been translated by AI. 2026-08-04 15:48:00
  • People Power Party Proposes Public Voting Rights Protection Act Amid Election Manipulation Allegations
    People Power Party Proposes 'Public Voting Rights Protection Act' Amid Election Manipulation Allegations 국민의힘이 연일 중앙선거관리위원회의 선거 관리 부실 의혹을 제기하며 공세를 펼치고 있다. 지방선거뿐 아니라 21대 대선과 22대 총선에서도 선관위의 투표율 조작이 의심된다며 특검 수사범위에 포함시켜야 한다는 입장이다. 조만간 선관위 개혁 방안을 담은 자체 법안을 마련해 발표할 예정이다. 국민의힘은 4일 국회에서 6·3 국민참정권 침해 진상규명 및 선거관리 개혁 특별위원회(6·3특위) 회의를 열고 선관위 구조개혁 방안을 논의했다. 6·3특위 위원장인 박대출 의원은 이날 "선관위 투표자수 조작 파문이 태풍처럼 커지고 있다"며 "특정인들의 의도적 조작은 부실이 아닌 부정"이라고 말했다. 이어 "지방선거뿐 아니라 직전 총선과 대선까지 오염됐다는 의혹들이 쏟아지고 있다"며 "그런데도 이재명 대통령은 보완수사권 폐지는 물론 전대미문의 투표수 조작 사태와 관련해 일언반구도 없다"고 지적했다. 그는 "하루가 다르게 의혹이 쏟아지는 상황에서 특검 도입이 늦어지면 증거 인멸이나 말 맞추기까지 우려되는 상황"이라며 "검경 합동수사본부는 즉시 서버 기록 보존과 신병 확보에 나서야 한다"고 주장했다. 아울러 "완전히 새로운 의혹들이 드러난 만큼 기각된 압수수색 영장도 다시 발부해야 한다"며 "즉각적인 야당 주도 특검을 조속히 출범시켜서 이번 지방선거뿐 아니라 과거 선거 전산과 선관위 서버도 특검 수사대상으로 못 박고 선관위의 조직적이고 고의적인 조작 실태를 발본색원해야 한다"고 강조했다. 박 의원은 회의 직후 기자들과 만나 "위철환 선관위원장 직무대행에 대한 사퇴가 불가피하다는데 뜻을 모았다"며 "위 직무대행을 구속 수사하고, 특검 1호 수사 대상으로 삼아야 한다는 점을 강력히 요구하기로 결의했다"고 밝혔다. 또한 "감사 기능 강화와 관련해 징계 요구, 수사 의뢰, 고발권 등 강제 조사권을 갖고 독립적 감사· 감찰 기능을 수행하는 감사위원회를 신설하기로 했다"며 투개표 및 선거 관리 공정성과 효율성을 강화하기 위해 5개 항의 처벌 조항도 신설한다고 했다. 해당 조항에는 구체적으로 △선거 관련 자료 폐기 및 변조 △감사 방해 행위 △공익신고자에 대한 불이익 행위 △영상 기록 훼손 △비밀누설 행위 등이 들어갈 전망이다. 6·3특위는 이 같은 회의 내용을 토대로 '국민 참정권 수호법 제정안'을 마련해 의원총회 추인을 거칠 계획이다.* This article has been translated by AI. 2026-08-04 15:44:00
  • Governments Youth Savings Program Faces Backlash Over Contribution Changes
    Government's Youth Savings Program Faces Backlash Over Contribution Changes The government's youth asset formation support policy, known as the 'Youth Future Savings,' is facing growing dissatisfaction among some participants after a late correction to the eligibility review results. Initially informed that they would receive a 12% government contribution (preferred type), many account holders received a text message stating that their contribution rate had been changed to 6% (general type) after opening their accounts.On August 4, various online communities were flooded with posts stating, "The Youth Future Savings eligibility review results have been overturned." One user, identified as A, shared a text message from the Korea Financial Services Agency, which stated, "During the eligibility review, errors were found in some review information while confirming the requirements for small and medium enterprises or small business owners, leading to a re-evaluation of the account type."The agency explained, "Upon confirmation, it was determined that the requirements for small and medium enterprises or small business owners were not met, and the government contribution rate has been corrected from the original 12% (preferred type) to 6% (general type)." This revelation has drawn significant attention.A expressed frustration, saying, "I already canceled my Youth Leap Account and joined the Youth Future Savings. How can the criteria change now? If the review had been conducted properly, I would have made my own choice regarding participation, but now I've been deprived of that opportunity."A further stated, "With just one text on July 31, the government cut the contribution in half. I trusted the 12% and canceled my previous product, and now to hear it's 6% feels like a significant loss."They added, "When I inquired with the Korea Financial Services Agency, I was told, 'We misjudged during the review process. You do not qualify.' I am at a loss as to where to seek redress in this situation."The Youth Future Savings program is a policy finance product designed to support young people's asset formation, with the government contribution rate varying based on the participant's eligibility. Those qualifying for the preferred type receive higher government support, making the review results a crucial factor in determining participation.As this story spread online, users reacted with comments such as, "How can the government deceive young people?" and "The election is over now," along with remarks like, "This is a massive scam by the state," and "Given the government's credibility, it's questionable whether even the 6% will be fully delivered." Many expressed sympathy for those who canceled their previous products based on the promised 12% rate, stating, "It's unfair for participants to suffer losses due to review errors, which are the agency's responsibility."* This article has been translated by AI. 2026-08-04 15:44:00
  • Trump Warns Iran of Last Chance Before Decapitation Amid Renewed Military Threats
    Trump Warns Iran of 'Last Chance Before Decapitation' Amid Renewed Military Threats President Donald Trump warned Iran that it is facing its "last chance before decapitation" as he pressed for a swift agreement. This statement came shortly after he revealed that he had postponed a large-scale airstrike at the request of Middle Eastern nations."Last Chance Before Decapitation" Warning After Airstrike DelayOn August 3, during a press briefing at the White House, Trump stated, "We are currently in talks with Iran," adding, "This is their last chance to sign a good agreement." He continued, "I want to give them every last chance before decapitation," indicating that previous military actions were merely routine and expressing hope that Iran would come to its senses.The term "decapitation" is interpreted as a reference to the removal of Iran's leadership. This threat suggests that if negotiations fail, the U.S. may launch stronger attacks targeting Iran's leadership and nuclear and military facilities.Trump also mentioned that he canceled a large-scale attack on Iran at the request of Saudi Arabia, the United Arab Emirates, and Qatar, claiming that the planned operation would have been the largest since World War II.On social media, he criticized Iran's leadership as "duplicitous" and stated that he would continue to apply pressure until an agreement or "complete surrender" is achieved.Open Hormuz Strait First, Then Discuss DenuclearizationTrump proposed that the Hormuz Strait be fully opened before discussions on Iran's denuclearization take place. He noted that the strait could be completely open to all vessels as early as August 4, but added that more time would be needed for denuclearization negotiations.He also stated that Iran would not be allowed to impose tolls or additional service fees on vessels passing through the strait.The two sides are at odds over who will determine the shipping routes and conditions beyond the opening of the strait. The U.S. insists that free passage for vessels must be guaranteed in all routes and demands that Iran publicly commit to halting attacks on ships.In contrast, Iran claims the right to designate shipping routes and manage vessel operations, seeking recognition of its authority to impose service fees on ships.Oman has proposed a joint management plan for the strait involving Iran and Gulf nations, but Iran opposes the involvement of third countries in such management.Iran Denies Ongoing Negotiations with the U.S.Iran has denied Trump's assertion that negotiations are ongoing with the U.S. Iranian Foreign Ministry spokesman Esmail Baghaei stated, "There are no ongoing negotiations or scheduled meetings with the U.S." He added that there are no plans to host foreign delegations or send Iranian negotiation teams abroad.The only discussions acknowledged by Iran are ongoing talks with Oman regarding temporary safe routes in the Hormuz Strait.Baghaei asserted that even if an agreement is reached with Oman on temporary routes, the situation in the strait will not fundamentally change as long as U.S. attacks continue.Iran remains firm on its stance regarding control over the strait's shipping routes.Mohsen Rezai, a military advisor to Iran's Supreme Leader and a former commander of the Revolutionary Guard, stated, "We will not allow any routes other than those designated by Iran to be established." He warned that if U.S. vessels enter routes not approved by Iran, they could be attacked if necessary. However, this statement reflects Rezai's personal views and has not been confirmed as official policy by the Iranian government or military.Outlook for Early Opening Contrasts with Slow Shipping TrafficDespite Trump's optimistic outlook for an early opening, shipping traffic through the Hormuz Strait has not yet shown significant recovery.According to shipping data firm Kpler, only six vessels, including three oil tankers and three bulk carriers, passed through the strait on August 3, a decrease of one from the previous day. All confirmed vessels used routes designated by Iran, although vessels that turned off their tracking devices may not have been included in the count.On August 4, an incident occurred involving a cargo ship being struck by an unidentified projectile approximately 37 kilometers northeast of Al Qasab, Oman. The identity of the attacker and the extent of the damage remain unconfirmed.* This article has been translated by AI. 2026-08-04 15:40:00
  • US Ambassador Steel presents credentials, formally begins mission in Seoul
    US Ambassador Steel presents credentials, formally begins mission in Seoul SEOUL, August 04 (AJP) - The United States Embassy in Seoul has a full ambassador again for the first time in a year and a half after the new envoy Michelle Steel submitted a copy of her credentials to the Ministry of Foreign Affairs on Tuesday afternoon and paid a courtesy call on Foreign Minister Cho Hyun. The post had run on a chargé d'affaires since last ambassador Philip Goldberg appointed under President Joe Biden, left Seoul in January 2025. Steel is the first ambassador to South Korea named by President Donald Trump in his second term and the second Korean American to hold the job, after Sung Kim. She landed at Incheon International Airport on July 30. An incoming envoy cannot start official work here until a copy of the credentials issued by their head of state reaches the ministry's chief of protocol, a position held by Kim Tae-jin. The original goes to the president later, in a separate ceremony that completes the accreditation. Ministry spokesperson Park Doo-soon said the call on Cho was arranged as an introductory meeting, with the two sides planning to exchange views on ways to advance the alliance. The ceremony with President Lee Jae Myung has no date yet, according to Park adding the timing would follow a review of the presidential office's schedule. "Ambassador Steel has a great deal of understanding and insight into the alliance and the bilateral relationship, we expect her to contribute to strengthening that relationship and to deepening friendship between the two peoples," she said. Steel, arriving with her husband-attorney Shawn, did not share what she would raise with Cho. The couple enjoyed a day-out at Namdaemun and attended a service at Yeongnak Church in central Seoul during their first weekend in Seoul. 2026-08-04 15:34:34
  • Concerns Raised Over Governments Tax Reform Plan
    Concerns Raised Over Government's Tax Reform Plan Concerns are emerging within the Democratic Party regarding the tax reform plan announced by the government on August 3. Some lawmakers express disappointment, stating it fails to address housing insecurity for ordinary citizens and prevent stock price suppression.Nam In-soon, the Vice Speaker of the National Assembly representing Songpa District in Seoul, commented on Facebook on August 4, saying, "The continued rise in housing prices in Seoul has intensified housing insecurity for ordinary citizens, and this reform plan leaves much to be desired."Nam emphasized that the plan should have clearly communicated a commitment to invest additional tax revenue in enhancing housing welfare for youth and newlyweds, urging the government to quickly develop follow-up measures to actively resolve housing insecurity.Lee Hoon-ki also expressed significant disappointment with the newly announced tax reform plan, stating, "Rather than preventing stock price suppression, it seems to provide criteria for evading detection."He explained, "This reform plan suggests that a company must fall into the bottom tier of price-to-book ratios in 12 out of the last 13 half-year periods to be classified as engaging in stock price suppression. This effectively sets a standard for companies not to be classified as such."Lee further criticized the plan for relying on past average stock prices as a valuation standard, arguing that it fails to eliminate incentives for stock price suppression. He also raised concerns that the determination of tax liability is left to the discretion of the National Tax Service, which could undermine the principles of tax law.Lee So-young, a member of the National Assembly who has served on the Finance and Economy Committee and the Special Committee on Budget and Accounts, labeled the tax reform plan as "a bad law so flawed that pointing out its issues seems pointless."She predicted that there would effectively be no applicable targets for the government's proposal, adding that any companies affected would likely file lawsuits against the National Tax Service's review and decision processes. "This would mean investing taxpayer money in expensive litigation with a high likelihood of losing," she assessed.Lee So-young directed her criticism at the Ministry of Finance, stating, "I do not believe the government was unaware of these issues when drafting the proposal. There must be a reason for creating such an ineffective and poor law. This government proposal makes fools of the National Assembly and betrays the President's sincere directives for work."* This article has been translated by AI. 2026-08-04 15:28:10
  • Banks That Adhere to Loan Limits to Receive Additional Funds for Completion Loans
    Banks That Adhere to Loan Limits to Receive Additional Funds for Completion Loans 금융당국이 올해 상반기 가계대출 총량을 충실히 관리한 은행에 잔금대출용 추가 한도를 부여하는 방안을 검토하고 있다. 지난해 6·27 대출 규제 이전 분양계약을 체결한 신축 아파트 입주 예정자의 자금난을 덜어주되, 은행별 총량 관리 실적에 따라 대출 공급 여력을 차등 배정하겠다는 취지다. 상반기 가계대출이 줄거나 증가 폭이 작았던 KB국민은행과 신한은행 등이 상대적으로 유리할 수 있다는 전망이 나온다. 4일 금융권에 따르면 금융당국은 6·27 대출 규제 이전 분양계약을 맺은 신축 아파트 실수요자의 잔금대출을 우선 공급하기 위해 은행권에 별도의 가계대출 한도를 인정하는 방안을 검토하고 있다. 추가 한도는 은행별 상반기 가계대출 총량 관리 실적을 반영해 차등 부여하는 방안이 거론된다. 당국은 잔금대출 증가가 전체 가계대출 총량을 과도하게 끌어올리지 않도록 대출 한도의 산정 기준을 감정가가 아닌 분양가로 제한하는 방안도 함께 살펴보고 있다. 분양가를 기준으로 대출 한도를 계산하면 입주 시점에 오른 시세나 감정가를 적용할 때보다 대출 가능 금액이 줄어든다. 은행들은 당국의 잔금대출 공급 확대 요청에 따라 일부 입주 단지의 한도를 늘리고 있다. KB·신한·하나·NH농협은행은 입주가 임박한 매교역 팰루시드의 잔금대출 한도를 1000억원 추가 배정했다. 앞으로 예정된 집단대출에 대한 추가 공급도 검토 대상이다. 서울에서는 이달 래미안 트리니원을 시작으로 10월 아크로 리버스카이, 12월 드파인 아르티아와 써밋 더힐 등의 집단대출이 예정돼 있다. 잔금대출과 중도금대출을 합치면 은행권이 공급해야 할 집단대출 규모는 50조원 안팎에 이를 것으로 전망된다. 다만 은행권이 추가 대출에 적극적으로 나서기는 쉽지 않다. 상당수 은행이 금융당국과 협의한 연간 가계대출 증가 목표에 도달했거나 이를 앞두고 있기 때문이다. 목표를 초과하면 내년도 가계대출 증가 한도가 줄어드는 등 불이익을 받을 수 있다. KB국민·신한·하나·우리·NH농협은행의 지난달 말 가계대출 잔액은 778조9791억원으로, 6월 말보다 4조원 이상 증가했다. 하반기 들어 주택담보대출을 중심으로 대출 증가 속도가 빨라지면서 은행들의 총량 관리 부담도 커지고 있다. 이에 당국은 상반기 총량 관리 실적이 우수한 은행에 한해 잔금대출용 추가 한도를 부여하는 방안을 검토하고 있다. 실수요자 대출 공급을 늘리면서도 총량 관리 원칙을 훼손하지 않기 위한 절충안이다. 상반기 가계대출 증감액만 놓고 보면 국민은행과 신한은행의 추가 공급 여력이 상대적으로 큰 것으로 나타났다. 국민은행은 상반기 가계대출이 1349억원 순감했고, 신한은행은 증가액이 123억원에 그쳤다. 하나은행과 우리은행은 각각 5330억원, 5667억원 늘었다. 농협은행은 상반기에만 가계대출이 1조4429억원 증가해 연간 관리 목표치인 8700억원을 이미 넘어섰다. 다만 실제 추가 한도는 은행별 연간 목표와 하반기 대출 증가분, 집단대출 약정 규모 등을 종합해 정해질 것으로 보인다. 금융권 관계자는 “당국이 실수요자 민원이 발생하지 않도록 잔금대출 공급을 확대해 달라고 요청하고 있다”며 “다른 신축 단지의 입주까지는 시간이 남아 있는 만큼, 그 전에 추가 한도와 배정 기준을 정해줄 필요가 있다”고 말했다. 2026-08-04 15:28:10
  • Hana Financial Group to Relocate Headquarters to Incheon Cheongna, Boosting Local Economy
    Hana Financial Group to Relocate Headquarters to Incheon Cheongna, Boosting Local Economy Hana Financial Group will relocate its headquarters from Euljiro, Seoul, to Cheongna, Incheon, on September 1. The group estimates that the move, along with the relocation of its affiliates, will generate an economic impact of 3.4 trillion won and create approximately 15,000 jobs over the next decade.According to the financial sector on August 4, Hana Financial plans to change its headquarters location from Euljiro in Jung-gu, Seoul, to Cheongna in Seo-gu, Incheon, with affiliates moving in sequentially.The specific schedule and personnel for the move have not yet been finalized. The financial sector anticipates that around 2,200 employees will relocate to Cheongna, including about 180 from Hana Financial Holdings, over 900 from Hana Bank, and 550 each from Hana Card and Hana Life. Including staff from the existing integrated data center and Hana Global Campus, the total workforce in Cheongna is expected to reach about 4,000.The relocation of a major financial holding company is expected to have significant effects on tax revenue and local economic revitalization. In the first year alone, the move is projected to generate an increase of approximately 58 billion won in tax revenue for Incheon, including acquisition tax, property tax, and comprehensive real estate tax.Starting next year, around 4,000 employees from about ten Hana Financial affiliates will work in Cheongna, leading to an additional annual tax revenue of over 23 billion won from local income tax, corporate local income tax, and property tax. Considering increases in real estate value and tax revenue, Hana Financial is estimated to pay a total of 420 billion won in taxes to Incheon over the next ten years.Beyond tax revenue, the influx of partner companies and related service industries is expected to have a positive impact on the local economy. The overall economic impact, including production, added value, and employment effects, is estimated at about 3.02 trillion won. When combined with the direct effects of the headquarters and affiliate relocations, the total economic impact is expected to reach 3.4 trillion won.The employment impact is projected to be around 15,000 jobs over the next decade. This figure reflects not only new hires by Hana Financial but also jobs created indirectly through the relocation of the headquarters and affiliates, as well as the influx of partner companies and service industries.This estimate has significantly increased compared to the economic effects projected by Incheon City in 2022, which anticipated an economic impact of 877.3 billion won and an employment impact of 7,666 jobs. The current projections indicate that the economic impact has increased by 3.9 times and the employment impact has nearly doubled.Hana Financial cited the progress of development in the Cheongna area, rising real estate values, and the expansion of personnel at relocating affiliates as factors contributing to the increased estimates.A financial sector official stated, "Hana Financial's move to Cheongna is not just about relocating its headquarters; it could serve as a catalyst for establishing Incheon as a financial and business hub. The concentration of a large financial workforce and affiliates in one location is expected to have a ripple effect on surrounding businesses and partner companies."* This article has been translated by AI. 2026-08-04 15:28:00
  • Jinan County Hosts Youth Agricultural Innovation Competition
    Jinan County Hosts Youth Agricultural Innovation Competition Jinan County in North Jeolla Province announced on August 4, 2026, that it will hold a youth agricultural innovation competition to discover and support creative agricultural ideas from young farmers.The competition is open to young farmers aged 18 to 45 who have been engaged in farming for at least one year and reside in Jinan County.Participants can submit ideas in areas such as smart agriculture, processing and distribution, rural convergence, and agricultural services, focusing on practical applications in the agricultural field.Applications will be accepted until 6 p.m. on August 21, either in person or via email to the Agricultural Technology Center's Agricultural Development Team.The county plans to conduct a preliminary document review, followed by a presentation evaluation on September 7.Winners will receive awards from the Jinan County Mayor, and additional points will be granted for evaluation criteria when applying for support projects from the Agricultural Development Team.Last year, the top awards went to: - Lee Jong-jin from Bugui-myeon for the 'One-stop Agricultural Work Service to Overcome Rural Population Decline' (Grand Prize) - Lee Seung-il for the 'Smart Farm for Measuring Temperature by Strawberry Plant Parts and Automatically Adjusting Growth Environment' (Excellence Award) - Shin Seung-min for 'Long-term Storage and Value Enhancement of Grapes Using Sulfur Pads' (Encouragement Award).This competition has successfully showcased ideas from past winners, such as developing jerky products using Jinan ginseng and creating temperature-measuring strawberry nurseries, serving as a model for local young farmers.County Mayor Jeon Chun-sung stated, "I hope the innovative ideas from young farmers can become a new growth engine for local agriculture, and I encourage active participation and interest in the competition."* This article has been translated by AI. 2026-08-04 15:20:20
  • IBK Bank Launches Digital Financial Power of Attorney Service
    IBK Bank Launches Digital Financial Power of Attorney Service IBK Bank has introduced a digital financial service that allows domestic financial transactions to be delegated without international mail.On August 4, IBK Bank announced that it began offering the 'Digital Consular Certification Financial Power of Attorney Service' for overseas Koreans starting July 30.The digital consular certification financial power of attorney allows users to send a power of attorney verified by a consulate in electronic document form to financial institutions, enabling verification of its authenticity.Previously, overseas Koreans had to send a paper power of attorney, verified by a consulate, via international mail to delegate domestic financial tasks. This process was time-consuming and costly, with the risk of documents being lost during transit.With the introduction of this service, powers of attorney can now be transmitted electronically to banks, allowing for quicker processing of domestic financial transactions while abroad. The service reduces the risk of forgery and enhances personal data protection by verifying the authenticity of the electronic documents.An IBK Bank official stated, "We expect that the convenience of financial services for overseas Koreans will significantly improve, and we will continue to expand customer-centric financial services utilizing digital technology."* This article has been translated by AI. 2026-08-04 15:20:20