South Korea’s Shinhan Bank said it is increasing efforts to better assist the growing population of foreigners here and Koreans heading abroad.

The bank said Tuesday it will expand its existing channels to better assist foreigners who face difficulties here because of the language barrier and cultural difference. 

“Even if they can communicate in Korea, the financial jargon and financial system in South Korea could be difficult for them to understand,” the bank said.

Shinhan has opened a branch with four service desks for foreigners on the Multicultural Street in Ansan, a city in Gyeonggi Province. The bank hired foreign staff who can help customers in their own language. It also launched a mobile application that supports 10 languages to provide convenient online services for foreigners.

The bank said it recognizes that there is demand for financial products other than savings accounts.

“In order to assist those who are interested in investment in real estate or some other financial products, we provide foreigners-only service at the global desk of the Shinhan Finance Center branch in Seoul,” it said.

The bank’s global desk at the Finance Center opened in March 2010 to provide English and Japanese services.

In addition to basic services, including savings accounts, foreign exchange, and international wire transfers, it also provides services for asset management, foreign direct investment and retirement funds. It currently serves 700 foreign customers and 140 businesses, the bank said.

Shinhan also said it will expand its overseas network to help Koreans going abroad. The bank currently operates 150 overseas branches in 20 countries.

Choi Guang-hye, head of the global desk at the Finance Center, said, “We will expand our outbound service for foreign residents and Koreans living and studying abroad and continue to improve the quality of the services.”

By Park Ga-young (gypark@heraldcorp.com)