(1) Reasons for Proposal
As follow-up measures for the “foreign exchange service innovation plan” announced at the Innovation Growth Strategy Meeting on June 4, this amendment aims to promote the creation of innovative foreign exchange services by (1) promoting the revitalization of convergence and non-face-to-face services such as the entrustment of exchange/remittance and remittance affairs brokerage and (2) quickly eliminating regulatory uncertainties for newly launched foreign exchange services by introducing a system for prompt confirmation and exemption of new business regulations.
(2) Major Provisions
A. Permit the entrustment of dealing (exchange) affairs of foreign currency exchange
ㅇ Establish a provision on the entrustment of exchange affairs so that customers are able to use exchange services through various channels, including financial companies, airlines, and duty-free shops in addition to banks and money exchangers.
B. Expand the entrustment of payment, etc. (remittance) affairs
ㅇ Expand the scope and target of the entrustment of remittance affairs so that customers are able to use small amount remittance services through various platforms such as ATMs and financial company counter transactions.
C. Allow the brokerage of payment, etc. (remittance) affairs
ㅇ Establish a “brokerage” system so that small amount remittance service providers may provide remittance services through the network of other domestic small amount remittance service providers.
D. Introduce a prompt confirmation and exemption system for new business regulations
ㅇ Introduce the “prompt confirmation and exemption system for new business regulations” to eliminate regulatory uncertainty by quickly confirming whether a new foreign exchange service is regulated and by exempting it from regulations across the industry, if necessary.
E. Simplify the method of receiving and transferring remittance payments for small amount overseas remittance service providers
ㅇ Allow small amount overseas remittance service providers to receive and transfer payments in various ways, such as ATMs and financial company counter transactions, in addition to a designated separate account.
