In cross-border transactions, parties are often located in different jurisdictions or may not even have a physical presence in the jurisdiction whose laws govern the transaction documents. When a party agrees to a governing law clause selecting a country where it has no office or address, lenders or counterparties usually require it to appoint a process agent (also called an agent for service of process) in that jurisdiction.

A process agent is an independent third party (typically a law firm or professional service company) with a physical address in the relevant jurisdiction. Its sole role is to accept service of legal proceedings, court documents, or notices relating to the transaction on behalf of the appointing party and immediately forward them to that party according to pre-agreed delivery instructions (usually by email and courier).

This appointment ensures that legal documents can be served quickly and validly within the chosen jurisdiction, avoiding costly and time-consuming international service of process under the Hague Convention or other cross-border procedures.

Shinhan Bank Escrow is able to act as process agent for its clients in Hong Kong, Singapore, and the United Kingdom, providing a convenient and reliable solution for transactions governed by the laws of these jurisdictions.