'Overseas Remittance Integration System' to Launch in January Next Year... Real-Time Tracking of Fintech and Card Company Transfers

Improving Fairness in Remittance Limits Across Sectors
Stronger Foreign Exchange Management Expected

The government’s ‘Overseas Remittance Integration System (ORIS)’ will officially launch in January next year. This system will integrate and manage overseas remittance records not only from banks but also from fintech companies, card companies, and securities firms, with the dual goals of strengthening foreign exchange outflow management and enhancing public convenience.

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul stated at a meeting with accompanying reporters held on the 16th (local time) at the International Monetary Fund (IMF) headquarters in Washington D.C., USA, “We plan to integrate the currently fragmented overseas remittance management systems by sector into a single system, which will be fully operational in January next year.”

ORIS is a system that aggregates and stores each individual’s overseas remittance records, allowing remittance providers to check this information in real time. All sectors, including banks, fintech companies, card companies, and securities firms, will participate in this real-time overseas remittance monitoring system, with each institution’s remittance records automatically shared through ORIS.

This will allow the total annual remittance amount per individual to be identified at a glance, resolving the issue of different remittance limits across sectors and enabling more transparent foreign exchange management. Deputy Prime Minister Koo said, “ORIS is a meaningful step forward in enhancing transparency in foreign exchange management and addressing fairness issues related to remittance limits.”

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul held a meeting with accompanying reporters on the 16th (local time) at the International Monetary Fund (IMF) headquarters in Washington D.C., USA. (Provided by Ministry of Economy and Finance)

ORIS: A Real-Time Integrated System Covering All Sectors

Currently, the banking sector has a sector-specific remittance limit management system, allowing individuals to remit up to $100,000 per year without documentation. For example, if someone remits $100,000 through Hana Bank, they cannot make further undocumented remittances through other banks.

In contrast, non-bank sectors such as fintech companies, card companies, and securities firms do not have an integrated management system, so each provider sets its own remittance limit. These sectors typically apply a $50,000 annual limit per provider, but if multiple providers are used, it is difficult to track an individual’s total remittance amount, making effective limit management practically impossible.

This has led to fairness concerns between banks and non-bank sectors, and there have been ongoing worries about the possibility of split remittances or circumvention transactions exploiting regulatory blind spots.

To address these issues, the government has established ORIS based on the Bank of Korea’s foreign exchange information network. This will allow the total annual remittance amount per individual to be identified at a glance, resolving the issue of different remittance limits across sectors and enabling more transparent foreign exchange management.

The government announced that the launch of ORIS is expected to improve fairness in remittance limits, close regulatory loopholes, and strengthen foreign exchange outflow management. First, as sector-specific remittance limit differences disappear, the remittance process will be simplified for users, and the competitiveness of non-bank remittance services is also expected to increase.

Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-chul held a meeting with accompanying reporters on the 16th (local time) at the International Monetary Fund (IMF) headquarters in Washington D.C., USA. (Provided by Ministry of Economy and Finance)

The government and financial authorities will be able to monitor split remittances, illegal fund outflows, and other suspicious transactions in real time through ORIS. By being able to track who remitted how much and through which channels, foreign exchange soundness management will become even more robust.

In line with the system launch, the ‘Foreign Exchange Transaction Regulations’ will also be revised. The current sector-specific remittance limits will be converted into a single integrated limit. This will provide an institutional foundation for all sectors to offer remittance services under the same standards.

Deputy Prime Minister Koo stated, “A foreign exchange management system must be established first, even in new financial environments such as stablecoins,” adding, “We will pursue institutional improvements such as adjusting remittance limits after gathering opinions from banks, fintech companies, and other stakeholders.”