[Special Economy=Eunji Kim]Known for its universality, Individual Savings Account(ISA) will be introduced at Korea's banks starting next year and already these financial institutions are moving to develop systems and products ahead of the adoption.

For starters, ISA manages various financial instruments--such as deposits, funds, ELS--as one account. Anyone with an earned or business income can register.

KEB Hana Bank, for one, say they will develop systems--related to ISA--to be used efficiently not only by its employees but also clients. It will also examine how to further develop its principal-protected ELS products.

And, KB Kookmin Bank claim it will also create its own task force to take a step forward into the ISA market and set up various financial instruments that fit the needs of any customer. Thinking of customer convenience, the bank will also strengthen its services conducted indirectly with the clients.

Additionally, Woori Bank and NH Nonghyup Bank say they are on the path to building systems needed to launch their ISAs by early next year.

Considering those who will register for ISA with an income less than fifty-thousand won, they will be deducted two thousand and five hundred won worth of tax; farmers and fishers, who will have difficulty proving that they have an income, will also be able to sign up--which makes ISA all the more attractive.

The time required to register ahead for tax deduction benefits related to ISA will not be five years, as previously stated, but instead reduced to three years.

“Banks are moving toward creating a diversity of financial instruments and ISA will hugely factor into that,” said Jeong Hui Su, personal finance manager at Hana Institute of Finance.

“Previously, customers mainly opened accounts for payroll transfers and loans,” she said. “But now, ISA will become the main player.”