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Fintech firms allowed to offer int’l money transfers

July 13,2017
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.

The move is expected to intensify competition in the 10 trillion-won ($8.7 billion) 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. YONHAP