Seoul: In a significant move to enhance access to banking services for foreign residents, the financial watchdog announced on Wednesday that local banks will soon offer English versions of their mobile applications and essential banking documents.

According to Lao News Agency, the Financial Supervisory Service (FSS) reported that the number of foreign customers at local banks reached 8.13 million last year. This figure marks a consistent increase from 7.14 million in 2021, rising to 7.41 million in 2022, and further to 7.76 million in the subsequent year.

The FSS highlighted plans for local banks to introduce English-language mobile apps and documents to better serve foreign customers. Additionally, the banks will increase the character limit for names and other identification fields from the current 20 letters, facilitating smoother identification authentication for foreign clients.

Furthermore, local banks will enhance their online platforms by providing detailed information on branches tailored for foreign customers. This initiative aims to streamline services and improve the banking experience for the growing number of foreign residents.

Moreover, banks will offer comprehensive information on loans and interest rates to foreign customers, including favored rates and any adjustments in interest rates, ensuring transparency and accessibility in financial services.