[Korea sinyuncheol financial newspaper reporter] remittances from abroad through a pin-tech companies, including non-banks in accordance with the amendments to the Foreign Exchange Transaction up to 20,000 US dollars the second half of the year is possible. Pin-tech industry overseas remittance market entry barriers are more likely activates As will suffer if you do not change as to face the competition if banks.
◇ small amendments overseas remittances up legislation in July
The financial authorities' Foreign Exchange Law revision bill "to be a small registration overseas remittances up to the Ministry of Strategy and equipped with certain requirements do not have to be a finance company heralded implemented in July.
To register a small overseas remittance companies must meet capital more than 20 million, shareholders' equity compared to total liabilities ratio less than 200%. Three times the average daily turnover should also be deposited in the FSS. Per nominal remittances it limits the reporting exemption is raised to $ 3,000 from $ 2,000 existing annual aggregate limit is less than US $ 20,000 per one company.
Current domestic and overseas remittance market is growing trend continued in accordance with the increase in foreign workers. Level was 9.5 billion US dollars in 2014 rose to 10% in the early 2000s, even foreign workers' remittances share until recently 30%. Global Overseas Remittance scale basis in 2015 amounted to 582 billion US dollars, which is a shame grew more than three times since 2000.
◇ now it appears possible be affiliated with banks, reader services Motion
In the current law, only pin-tech companies affiliated with banks able to provide international money transfer service, but it is possible to various start-up companies yihuen July to provide their own services. The current situation is that tech companies build the pin MoneyGram our banks and eopmuhyeop during the Yap maeteotgo keoren cloud and Shinhan Bank, a joint platform.
If the competition is accelerating banks overseas remittance income is expected to decline. July 21, Seoul is a small mobile operators overseas remittance has the final selection of the non-cent, pinsyat, paper gate as being the start of the service compared to traditional banking services, commissions of 40% reduction in the target preparation. Overseas remittance commission in the country is at a lower level than the global average of 5.0%, 7.40%, such as banks compete with each other.
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