Fintech companies in South Korea can register with the Financial Supervisory Services to provide international money transfer services for small funds. Once registered, these companies can use various methods to send money abroad, including using Bitcoin. The amended law specifically permits digital currency remittances. To obtain a permit, a fintech firm must have a paid-in capital of more than 2 billion won and a debt-to-equity ratio of below 200%. 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. The amended law will allow new entrants to compete with traditional banks, offering money transfer services at a fraction of the incumbents’ fees, with a shorter transfer time.
