Link to the original article :
https://www.koreatimes.co.kr/path/A2025071015420000250
Securities firms are rushing to attract customers other than stock traders in the currency exchange sector as they compete with commercial banks, which have long dominated the sector, according to industry officials on Thursday.
The officials said Kiwoom Securities and Shinhan Securities will begin exchanging foreign currencies for a wider range of customers this year, while preparation for the service is underway for Samsung Securities, NH Investment & Securities and Mirae Asset Securities.
Previously, securities firms were only allowed to exchange foreign currencies for the purposes of securities investment.
The restriction limited them from serving a wider variety of customers, including travelers, international students and those running a business abroad. As a result, currency exchange was considered the exclusive domain of banks.
The Ministry of Economy and Finance then revised the policy on foreign exchange transactions in 2023, opening the door wider for brokerage houses and other financial services companies to serve general customers if they meet certain criteria.
Multiple securities firms have since sought to expand their customer base, including Kiwoom Securities, which recently signed a strategic business agreement with KB Kookmin Bank.
The agreement is aimed at allowing customers to withdraw dollars, euros, yen and other foreign currency in cash through any KB Kookmin Bank retail branch.
The service is planned to begin in July, making Kiwoom Securities the country’s first brokerage house to provide currency exchange for non-stock traders.
In the fourth quarter of 2025, Shinhan Securities plans to use its telegraphic transfer service, which remits foreign currencies via an electronic network, for expanded currency exchange business.
An affiliate of Shinhan Financial Group, Shinhan Securities also plans to begin cash exchange at its own retail branches as well as those run by its affiliate Shinhan Bank.
Samsung Securities, NH Investment & Securities and Mirae Asset Securities all received approval from the financial regulator to serve general customers in February. They have since been making preparations to introduce the service.
Korea Investment & Securities, Daishin Securities and KB Securities are also consulting financial authorities to receive approval.
