The Ministry of Foreign Affairs started the services enabling Koreans overseas to send power of attorney on financial transactions to the designated persons in South Korea.
Through the service, banks can verify whether the entrusted papers are authentic through the ministry-run blockchain platform.
The service would provide conveniences to South Koreans living overseas as they can in doing banking business at home. South Koreans overseas can visit Korean embassies near their residences, and have their power of attorney documents notarized.
Once the notarization is complete, the documents get posted on the blockchain. Korean banks can check the notarized documents before doing banking business with the designated persons on behalf of the South Koreans overseas.
So far, South Koreans overseas and foreigners having accounts in South Korea have difficulty in doing banking business at home. They had to visit Korea for doing banking business. From now on, they can easily designate the persons at home and do the banking business on their behalf.
Fourteen banks, including Korea Development Bank, KB Bank, NH Nonghyup Bank, will join in the service.