Choi Sang-mok, third from left, finance minister and then-acting president, poses with foreign nationals during a visit to a hanbok rental shop in Gyeongju, North Gyeongsang Province, March 20. Yonhap

Banks are enhancing their services for foreign customers in response to the ongoing increase in the country's foreign population, industry officials said Friday.

Beyond merely supporting financial transactions for foreign workers, banks are expanding their offerings by introducing platforms to help foreign nationals better settle in Korea and launching services tailored to wealthy foreign individuals and corporations.

JB Financial Group, which owns Kwangju Bank and Jeonbuk Bank, will become the first domestic financial company to launch a comprehensive financial and social integration platform for foreign nationals in April.

Through this platform, tentatively named Bravo Korea, foreign customers will be able to access financial services such as deposit, installment savings and loan applications, as well as a wide range of essential everyday information, including visa-related services, Korean language education, house searches and job listings.

To enhance these offerings, the group is collaborating with start-ups that specialize in services for foreign residents.

Major commercial banks are also diversifying their strategies to attract foreign individuals and corporations, reflecting the market's expansion.

As of February, the number of foreign customers at Korea's four major banks — KB Kookmin, Shinhan, Hana and Woori — surpassed 6 million, up from 5.4 million at the end of 2022.

Woori Bank is developing a one-stop support system for foreign nationals looking to invest in real estate here. The service will cover essential processes, including foreign exchange reporting, property listings, brokerage, and tax consultation.

Shinhan Bank launched the SOL Global Check Card last September, a dedicated service for foreign customers that allows them to open an account and issue a debit card simultaneously through a non-face-to-face process. As of January, more than 20,000 of these accounts had been issued.

The bank also opened a foreigner-focused branch in Gimhae, South Gyeongsang Province, last year, offering financial services and consultations via video calls. It plans to gradually open more of these branches to better serve foreign customers.

Hana Bank has simplified the previously complex process of issuing corporate cards to foreign investment firms. The bank is also considering launching a small emergency loan product specifically for foreign customers.

Kookmin Bank offers the KB Welcome Account, an exclusive banking product for foreign customers who receive salary deposits or conduct foreign exchange transactions. The account provides benefits, including waived banking fees and preferential exchange rates.