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South Korean regulator to let brokerages offer payment gateway services

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South Korean regulator to let brokerages offer payment gateway services

South Korea's Financial Services Commission will allow brokerages to offer payment gateway services, making it easier for them to cooperate with foreign payment service providers, Yonhap News Agency reported Aug. 9, citing a statement from the regulator.

A payment gateway is an online payment solution that processes credit card payments for online and offline retailers.

Existing South Korean laws prohibit brokerages from offering a payment gateway service. Once the relevant laws are revised, brokerages would be able to work with foreign payment service providers, particularly with China's mobile payment service platforms, the regulator said.