From July 20, Loan Consultations and Applications for Four Major Banks Available at 20 Post Offices

Pilot Bank Agency Service to Launch at 20 Central Post Offices Nationwide
Joint Lending by Regional and Internet Banks to Be Promoted
Mutual Insurance Coverage to Be Expanded

Starting on the 20th, customers will be able to consult on and apply for loan products from the four major banks at 20 main post offices nationwide in a single visit.

Eokwon Lee, Chairman of the Financial Services Commission, attended the 'The First Step to Filling the Future, Youth Future Savings Account Unboxing Talk Concert' held on the 14th at the Small Enterprise and Market Service's exclusive training center in Jongno-gu, Seoul, delivering a greeting speech. 2026.05.14 Photo by Dongju Yoon

On July 9, Eokwon Lee, Chairman of the Financial Services Commission, announced the “Pilot Operation Plan for Banking Agency Services” containing these details at the “6th Inclusive Financial Transformation Conference and Regional Finance Meeting” held at the Jeonbuk Regional Small and Medium Business Administration in Jeonju, Jeonbuk Province.

Chairman Lee emphasized, “The greatest strength of regional finance lies in its close ties to the local community,” adding, “Only by accurately understanding and assessing the unique characteristics of each region and the growth potential of its businesses can we ensure timely funding, which leads to a virtuous cycle of local investment and growth.”

Accordingly, Korea Post will launch a pilot banking agency service at 20 main post offices in Gyeongbuk, Gyeongnam, Chungcheong, Gangwon, Jeonbuk, and Jeonnam starting on the 20th. Residents who have difficulty visiting bank branches will be able to consult on and apply for a total of eight loan products—including personal credit loans and policy-based financial products for low-income individuals (Saehimang Holssi) from the four major banks—at their local post office. After receiving and comparing the review results from each bank, they can then select the appropriate loan product.

The loan products available are personal credit loans from KB Kookmin Bank, Shinhan Bank, Woori Bank, and Hana Bank, as well as the policy-based financial product for low-income individuals (Saehimang Holssi) from the banking sector. Considering this is a pilot phase, the Financial Services Commission will start by offering personal credit loans and plans to gradually expand the scope of products handled in the future. Each bank is expected to offer a preferential interest rate of an average 0.2 percentage points to customers who use the banking agency service for their loans.

Joint loans between regional banks and internet banks for local small and medium-sized enterprises and individual business owners will also be actively promoted. In this model, internet banks receive loan applications through their apps, and both regional and internet banks jointly review applications and provide funds. Upon final approval, the two banks will disburse the loan by sharing the principal at a predetermined ratio.

The Financial Services Commission plans to review whether to designate this as an innovative financial service within this month and, after completing system development, will support the launch of the service next year.

In the insurance sector, following the signing of a comprehensive insurance business memorandum of understanding (MOU) with Jeonbuk last year, starting next month, comprehensive insurance coverage such as accident and fire insurance will be provided free of charge to small business owners in Jeonbuk. Going forward, the support will expand to include packages that combine accident insurance and healthcare services for seniors living alone, as well as dementia liability insurance, child insurance, climate insurance, and compensation insurance for voice phishing victims.

In addition, support for vulnerable groups will be strengthened by providing free mutual growth insurance to those eligible for multiple forms of policy-based financial support. The Financial Services Commission plans to sign business agreements with local governments and public institutions starting in the third quarter of this year and launch revised mutual growth insurance products in the first quarter of next year.

On this day, NongHyup Financial Group announced that it will provide a total of 15.3 trillion won in inclusive finance over the next five years, of which 6.8 trillion won will be allocated to support financial services for low-income individuals and vulnerable groups. In the fourth quarter of this year, it plans to establish the NH Smile Microfinance Foundation with a fund of 100 billion won to further support vulnerable groups in local communities.

The Financial Services Commission stated that it will review, in collaboration with relevant agencies, proposed measures such as expanding the scope of banking agency operations, easing loan-to-deposit ratio regulations for policy-based financial products for low-income individuals, and rationalizing the risk weightings (RW) for debt refinancing loans for small business owners.

This content was produced with the assistance of AI translation services.