Home

The Korea Herald

Latest news

Most Popular

  1. 1

    [Exclusive] Korean military set to ban iPhones over 'security' concerns

    [Exclusive] Korean military set to ban iPhones over 'security' concerns
  2. 2

    [AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not

    [AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
  3. 3

    Yoon seeks rebound, taps 5-term lawmaker as chief of staff

    Yoon seeks rebound, taps 5-term lawmaker as chief of staff
  4. 4

    Korean, Romanian leaders discuss defense tech, nuclear energy

    Korean, Romanian leaders discuss defense tech, nuclear energy
  5. 5

    Medical standoff deepens as doctors reject new med school plan, talks

    Medical standoff deepens as doctors reject new med school plan, talks
  1. 6

    N. Korea sends economic delegation to Iran amid suspected military cooperation

    N. Korea sends economic delegation to Iran amid suspected military cooperation
  2. 7

    [Graphic News] 77% of young Koreans still financially dependent

    [Graphic News] 77% of young Koreans still financially dependent
  3. 8

    [Herald Interview] Why Toss invited hackers to penetrate its system

    [Herald Interview] Why Toss invited hackers to penetrate its system
  4. 9

    S. Korea calls on Japan to confront history amid Yasukuni Shrine visit

    S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
  5. 10

    S. Korean envoys convene to navigate strategy amid Middle East tensions

    S. Korean envoys convene to navigate strategy amid Middle East tensions
피터빈트

Korea to allow fintech firms to offer intl. money transfer services

By Yonhap

Published : July 12, 2017 - 10:26

    • Link copied

Financial authorities will give permits to fintech firms to provide international money transfer services for small funds, officials said Wednesday, in a move that significantly reduces commission fees on moving money.

About 40 fintech firms are expected to launch international money transfer services from Aug. 15, according to officials at the Financial Supervisory Service. 

(Yonhap) (Yonhap)

The move is expected to intensify competition in the 10 trillion-won ($8.7 billion) international money transfer market.

A one-off transfer via a fintech firm will be limited to $3,000 or less. By an account, an annual limit for international money transfers via fintech firms will be set at $20,000.

Fintech firms will be allowed to use various methods to send money, including pooling, pairing and the digital currency Bitcoin, the financial regulator said.

Industry watchers said fintech firms could offer money transfer services at a fraction of the fees charged by traditional banks at present.

To get a permit for international money transfer services, a fintech firm is required to have a paid-in capital of more than 2 billion won and have a debt-to-equity ratio of below 200 percent. (Yonhap)

More from Headlines