The International Organization for Migration (IOM) has partnered with TelcoCB to improve access to formal banking and financial services for migrants in the Republic of Korea. This agreement, formalized through a Memorandum of Understanding signed on 9 January 2026, aims to support migrants with limited or no credit history by leveraging digital technologies and alternative credit assessment mechanisms.
With around 2.8 million migrants in Korea, representing about 5% of the population, many face barriers to basic financial services such as opening bank accounts, building credit, obtaining mobile subscriptions, making housing deposits, and conducting digital payments. These challenges persist despite migrants’ active economic participation and highlight the need for innovative solutions that recognize their financial activity.
Under the partnership, IOM will provide guidance on international standards, policy frameworks, and migrant protection, while TelcoCB will contribute its expertise in financial systems, telecommunications data, and digital service development. The collaboration seeks to create technology-driven solutions that reduce information gaps, streamline access to financial services, and support social integration for migrants.
TelcoCB, a joint venture of South Korea’s major mobile network operators along with Korea Credit Bureau and SGI Seoul Guarantee Insurance, uses telecommunications data to offer alternative credit assessments through its service, EQUAL. Recognized as an innovative financial service, EQUAL helps individuals with limited financial histories access essential financial services, promoting inclusion and stability.
By combining IOM’s policy and protection expertise with TelcoCB’s digital innovation, the initiative aims to provide migrants with more dignity, independence, and integration into Korean society, while setting a model for technology-based financial inclusion.
