Stringent licence requirements for overseas financial services and remittance businesses in South Korea
Trade barrier summary
In order to be granted a business licence, a foreign financial firm looking to provide remittance services must meet various requirements, including:
- KRW 1BN regulatory capital/collateral
- 5 members of staff
- servers and data processing based in South Korea
Sectors affected
- Financial and professional services
Resolved
No
Date reported
22 May 2019
Last updated
17 December 2020
Public ID
PID-E9MMD9
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