ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us

South Korean FinTech Firms To Offer International Money Transfer Services



De Silva

As reported, as many as 40 FinTech firms are expected to offer international money transfer services beginning August 15. In addition to reducing commission fees, these services may also diminish premiums in the South Korean cryptocurrency market.

According to The Korea Herald, officials at South Korea’s Financial Supervisory Service (FSS) announced last week that they expect approximately 40 FinTech firms to provide international money transfer services starting August 15. The FSS will provide permits to companies that facilitate small transfers of funds.

Per Yonhap News Agency, South Korea’s international money transfer market currently totals approximately 10 trillion won ($8.7 billion). Opening the market to FinTech firms will encourage competition and drive down costs to consumers since the companies can offer money transfer services at much lower prices than traditional banks. The availability of FinTech companies for international money transfer services should lessen commissions paid by customers to intermediary firms, and thereby attract more business overall.

Single transfers via FinTech firms will be capped at $3,000, and individual annual limits will be set at $20,000. For FinTech firms to qualify for the FSS permit, they must possess 2 billion won ($1.77 million) and a debt-equity ratio below 200 percent. However, in May, Pulse reported that the South Korean Ministry of Strategy and Finance would reduce the capital requirement through a revision in the Foreign Exchange Transactions Act since many FinTech firms would have been unable to meet the higher standard. It appears that this capital requirement will be lowered to 1 billion won ($885,330) on July 18.

The FSS will allow FinTech firms to use pooling, pairing, and cryptocurrency for their international money transfer services.

Over the last several months, cryptocurrency has consistently traded at a premium in the South Korean markets. While this price disparity has shrunk over the last month, the emergence of cryptocurrency enabled international money transfer services in South Korea should help bring the country’s digital currency markets into equilibrium with the rest of the globe.

Matthew De Silva

Matthew has a passion for law and technology. He graduated from Georgetown University, where he studied international economics and music. Matthew enjoys biking and listening to tech podcasts. He lives in Los Angeles.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest South Korea, Financial Supervisory Service or other Ethereum world news.