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Financial institutions in South Korea are targeting expats living in the country as they look to strengthen their books in the wake of the global financial crisis, according to the Korea Times.
Speaking to the national daily, an official at Woori Bank said there is a wealth of potential in widening access to the domestic banking industry for expats.
"We see business opportunities in the foreign residents’ group as it is a kind of untapped market. We are seeking to upgrade our expat banking service," the official said.
With the traditional South Korean banking market becoming saturated, many lenders are offering enticing deals to expats, the paper revealed.
As well as South Korea’s emerging banking incentives, expats may also be drawn to the country’s healthcare system, which although not free, is heavily subsidised by the government and is considerably cheaper than other industrialised nations such as the US, according to Expat Focus.
However, taking out an expat medical insurance policy may be an effective way to avoid the cost of complex or sustained treatments.
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