The Ministry of Strategy & Finance announced on Dec. 10 that new enforcement ordinances and regulations of the Foreign Exchange Transaction Act would become effective in February of next year, through a Ministry of Government Legislation review and a Cabinet meeting.
Accordingly, the scope of business of non-bank financial institutions such as securities firms, insurers and asset management firms with regards to foreign exchange can be expanded, and the business of small-sum foreign exchange transfers brought in.
This means that foreign currency transfers, which are currently available only at banks, will be able to be handled by domestic and foreign non-bank organizations as well as fintech companies like Naver and Daum Kakao.
Still, the amount of a remittance will be limited to US$3,000 per case and US$20,000 per person a year so that the possibility of illegal transactions can be forestalled. The size per case will be about one-third of that of Japan.