Starting in the second half of this year, the post office will be able to conduct banking business such as deposits, installment savings, loans, and exchange transactions. Banking business will also be possible at corporations, credit cooperatives, and savings banks jointly invested by commercial banks.
On the 27th, the Financial Services Commission announced a "plan to promote banking consignment" to increase access to financial business for the elderly and local residents who are suffering from reduced branches.
The Financial Services Commission will designate the bank agency business as an innovative financial service and start a pilot operation in July. The agency starts with the post office, which has 2,500 branches nationwide and is already doing business such as deposit and withdrawal. In the future, post offices will be able to consult on related products as well as sign and terminate contracts related to deposits, installment savings, loans, and exchange transactions at the counter. However, loan review and approval are only available at banks as before.
It will also promote joint ATMs and convenience store deposit and withdrawal services in the banking sector. It is considering recognizing the joint ATM operating expenses used by banks as expenses for social contribution activities.
