This barrier is unrelated to the end of the transition period, following the United Kingdom's departure from the EU.

Public ID: PID-E9MMD9

Stringent licence requirements for overseas financial services and remittance businesses in South Korea

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



Date reported

22 May 2019

Last updated

17 December 2020

Public ID


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