SC Bank Korea launches mobile retirement planning services

Standard Chartered Bank Korea said Sunday it had launched a digital asset management service within its mobile banking application that helps its customers build a retirement portfolio.

Through the new mobile platform, dubbed “retirement planning on the palm of your hand,” subscribers to SC Bank Korea’s mobile banking application can create a comprehensive financial plan to achieve retirement income goals. Customers can also receive useful information on how much money they might need or where their money may come from, without having to visit offline bank branches, the bank said in a statement. 

Also, people who had signed up for the market watchdog Financial Supervisory Service’s integrated personal pension portal can monitor performance of their personal pension programs registered at financial institutions and receive key information such as rates of return and fees. 

The service is a mobile version of the foreign bank’s existing retirement planning program named Premier Age, launched in November last year, whereby the lender’s insurance and pension managers provide consultation about retirement preparation, including sources of income, savings programs or financial risks, officials said. 

“Retirement planning came into the limelight amid a rise in life expectancy and a low-growth phase,” said Colin Chiang, a senior managing director at SC Bank Korea.

“SC Bank Korea customers now can easily enjoy the lender’s retirement planning services, which were previously offered at its brick-and-mortar branches, with a mobile device.”

By Choi Jae-hee (cjh@heraldcorp.com)