The Ministry of Science and ICT's Korea Post announced on the 26th that, through a partnership with iM Bank for 'joint use of post office counter networks', it will provide iM Bank's financial services at post office financial counters starting today.
Korea Post signed a partnership agreement with iM Bank last November to provide financial services through post office counters and automated machines. iM Bank currently operates 200 branches nationwide.
Korea Post has been working to ensure that vulnerable groups, such as the elderly, can access financial services without inconvenience due to the acceleration of bank branch closures. Since 1998, it has provided deposit and withdrawal services for corporations, industries, and Jeonbuk Bank.
In November 2022, it expanded partnerships to include the four major banks (Kookmin, Shinhan, Woori, Hana Bank), and in April, it opened services with Gyeongnam Bank, allowing customers of a total of nine banks to conveniently use financial services through the post office. With the implementation of the iM Bank service, customers of ten banks will now be able to use services at the post office.
Korea Post Chief Executive Jo Hae-geun said, 'We will expand the role of post offices as a financial services hub to ensure that financially vulnerable groups do not face inconveniences when using banking services,' and added, 'Korea Post will continue to strive to discover various services as a 'state-owned financial institution' to enhance the public welfare of the people.'