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Benefits of obtaining a PI license in South Korea:
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.
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.
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.
If the company seriously intends to obtain a license for E-payment services in Korea, it is necessary to meet all the following requirements:
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).
Obtaining a license for a payment system in South Korea requires the provision of the following documents:
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 professional support.
Please note that this article has been prepared for informative purposes and should not be construed or used as competent advice. If the reader is interested in obtaining a payment institution license in Korea, IQD Consulting experts are ready to provide you with comprehensive 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 services.
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