The revised bill of the Enforcement Decree of the Foreign Exchange Transactions Act of South Korea was finalized on Tuesday, according to Money Today. The amendment provides legal grounds for fintech companies to engage in remittance businesses, which was previously only available to commercial banks.
Among companies taking advantage of this amendment is Omnitel, a South Korea-based mobile commerce leader. Established in 1998, the company specializes in mobile broadcasting service and various public services such as disaster alerting service by utilizing the cell broadcasting system platform. Omnitel is a public company listed on Kosdaq, the Korean counterpart of Nasdaq, with 7.77 billion won in capital and about a 70 billion won market cap at press time. In addition to South Korea, the company operates in Algeria, China, Mongolia, Myanmar, Singapore, Malaysia, Vietnam, Thailand and Indonesia.
Read more here: https://news.bitcoin.com/south-korean-omnitel-bitcoin-services/