trending Market Intelligence /marketintelligence/en/news-insights/trending/c2bi7a48ftu_a22avhpk8a2 content esgSubNav
In This List

South Korea to open up currency exchange biz to nonbank firms

Blog

Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

Banks’ Response to Rising Rates & Liquidity Concerns


South Korea to open up currency exchange biz to nonbank firms

South Korean nonbank institutions will be allowed to engage in currency exchange business starting March, Yonhap News Agency reported Feb. 20, citing the country's finance ministry.

The move is part of the country's wider deregulation drive to promote the local financial technology sector.

Under guidelines on currency exchange, a qualified fintech firm will be allowed to offer currency exchange services of up to US$2,000 per person through their online platforms.

Qualified fintech firms will be mandated to make reserves against potential claims from customers and set up a technical safety system, the report added.