Vice Chairman Kwon Dae-young of the Financial Services Commission attended the memorandum of understanding (MOU) signing event between related authorities and eight domestic banks to facilitate overseas Koreans to use digital consular certificate for financial power of attorney on May 13. The FSC, the Overseas Koreans Agency, and the Korea Financial Telecommunications and Clearings Institute signed an agreement with eight domestic banks to set up a digital consular certificate system to be used by overseas Koreans for financial power of attorney. The service is expected to be launched in July this year and overseas Koreans will no longer have to send in via mail paper documents to their proxies in Korea. Speaking about the significance of this service, FSC Vice Chairman Kwon said that this is another area where the financial sector can step up to actively implement social responsibility to meet the government's inclusive policy for overseas Koreans.