Korea Securities Depository expands non-face-to-face shareholder services

Korea Securities Depository (KSD) is expanding non-face-to-face shareholder services, allowing retail investors to recover unclaimed stock-related assets online, the securities settlement agency said Tuesday. Through its website, shareholders can apply online to receive small-value unclaimed shares and payments that previously required in-person visits and paper documentation. The service covers stock dividends and bonus shares left undistributed because shareholders were unaware of them, as well as unpaid dividends that went uncollected following address changes or missed notifications. Under the system, users can apply via smartphone to receive unclaimed shares valued at up to 5 million won ($3,300) and unpaid balances of up to 1 million won after completing identity verification procedures, including mobile authentication, ID verification and bank account confirmation. The services are available only for companies that appoint KSD as their transfer agent, the agency noted. The development comes as Korea's financial sector pushes to digitalize investor services and reduce paper-based ad

Original source: Korea Times