<p>The Korea Financial Telecommunications and Clearings Institute (KFTC) today <a href="https://www.dailian.co.kr/news/view/1297967/?sc&#61;Naver" rel="noopener noreferrer nofollow">launched</a> a new blockchain-based loan service tailored specifically for public servants. This initiative is a collaborative effort with the Government Employees Pension Service (GEPS) and involves five banks: BNK Kyongnam Bank, Busan Bank, Woori Bank, Kwangju Bank and Jeonbuk Bank.</p><h2 id="header-0">Simplified loan process</h2><p>Administered by GEPS, this loan program offers loans up to KRW 50 million (approximately $38,600) to government employees based on their projected retirement benefits and years of service. Leveraging the joint financial blockchain system, KFTC has established an infrastructure to issue and verify digital loan recommendation letters, simplifying the loan application process for public servants.</p><p>Up until now, the loan application process has been cumbersome, requiring government employees to obtain a recommendation letter from GEPS and physically submit it at a bank branch. The new service streamlines this process by allowing them to apply for loans at bank branches or through mobile banking using digitized recommendation letters.</p><h2 id="header-1">More banks to join</h2><p>KFTC and GEPS are set to increase the number of participating banks, allowing government employees to access loan services at a total of 10 banks. Furthermore, KFTC and GEPS intend to introduce additional financial products that utilize recommendation letters and verification processes underpinned by blockchain technology.</p><p>The plan indicates that starting early next year, five additional banks will participate in this initiative. These banks are KB Kookmin Bank, Nonghyup Bank, Daegu Bank, Hana Bank and Korea Post.</p><p>In a statement, KFTC stated its plans to further expand identification verification services within the financial sector, aiming to streamline the application processes for various financial products, including deposits and loans.</p>

Korea’s KFTC launches blockchain-powered loan service for public servants

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