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Obtaining a Payment Institution license in South Korea

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Obtaining a payment system license in South Korea in 2020

Benefits of obtaining a PI license in South Korea:

  • One of the world's most technologically advanced countries;
  • Developed economy;
  • Progressive online banking sector;
  • Favorable conditions for doing business;
  • Popular jurisdiction among investors.
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The provision of payment services in South Korea is controlled by the FSC, and requires compliance with a number of laws, the main of which is the EFTA.

EFTA covers:
  1. The liabilities and rights of the parties involved in conducting financial E-transactions;
  2. Provisions that ensure transaction security and user protection;
  3. Authorization, registration and description of enterprise activity field for the provision of financial E-services.

The licensing of payment institutions in South Korea is carried out in accordance with the RSEFT, and futher, in the article we will analyze the basic requirements for obtaining a PI license in Korea, as well as consider some licensing issues.

How to obtain a PI license in South Korea

Those, who seek to order a license for an electronic payment system in Korea must submit an application form to the FSC, as well as all necessary supporting documents, after fulfilling the pre-licensing conditions described at the beginning of Part 4 of the Regulation.

The commission verifies the application form and decides whether to approve it for obtaining a PI license on the basis of relevant laws and acts, as well as guidelines and recommendations from the Regulation.

If the FSC approves the application, it notifies the applicant, and may set out certain conditions that he must fulfill. If the application is rejected, the applicant is also notified.

List of requirements for obtaining a PI license in South Korea

If the company seriously intends to obtain a license for E-payment services in Korea, it is necessary to meet all the following requirements:

  • 5+ employees with appropriate education and experience in the business field (minimum 2 years);
  • Availability of equipment and software necessary for effective business conduct;
  • Availability of backup devices to ensure security in case of system failures;
  • Well-thought-out plan for managing the information processing system, and the availability of a monitoring system that will ensure the protection of data.

In addition, if you want to obtain a payment institution license in South Korea, it will be necessary to ensure the security of the local office and premises where the company will conduct its activity.

It is worth noting that, despite the first condition, in fact, for a licensing procedure of a payment system, it is necessary to ensure the presence of at least 3 managers and employees (one of whom will have experience in financial industry).

Read also:
Preparation of documents for obtaining a Korean PI license

Obtaining a license for a payment system in South Korea requires the provision of the following documents:

  • Descriptions of the corporate structure;
  • Detailed business plan;
  • Reasonable forecasts of future income, which will adequately comply with the business plan;
  • A specific description of realistic plans for conducting effective business;
  • Financial reports for the last 3 years;
  • Descriptions of procedures and mechanisms for internal control, management and security.
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It can be concluded that the licensing process of a company providing E-payment services in South Korea can be a time-consuming, and it requires serious preparation from the applicant. This is precisely the case when it is necessary to spend time satisfying the requirements of the licensing authority, and when it will be advisable to obtain reliable legal support.

Please note that this article has been prepared for informative purposes and should not be construed or used as legal advice. If the reader is interested in obtaining a payment institution license in Korea, IQ Decision experts are ready to provide you with comprehensive legal advice on licensing a payment system.

Moreover, our company’s specialists also provide their clients with accompanying services at all stages of licensing, help with the preparation and collection of documents for payment system licensing, opening a bank account in Korea, and provide other related legal services.

Fill out the feedback form, or call us right now at the contacts specified below to find out details about all the services of our company and to order legal advice on obtaining a PI license in Korea.

  • The information outlined in the article is actual at the time of its publication.

  • Please refer to our specialists for checking possible solutions for your business.

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