Korea Investment Holdings subsidiary Korea Investment & Securities said on the 10th that it obtained approval for general currency exchange services from the Ministry of Economy and Finance on the 2nd.
General currency exchange is a service that provides currency exchange for general purposes such as travel and study abroad funds for residents with Korean nationality. When applying, a bank-linked account is assigned for foreign currency deposits and withdrawals, and investment activities through that account are restricted.
Korea Investment & Securities, which as a comprehensive investment firm has provided general currency exchange for corporations and investment-purpose currency exchange services for individual customers, can now also handle general currency exchange for individual customers with this approval. The company said it plans to use the approval to improve customer convenience by strengthening access to currency exchange for real foreign currency demand such as overseas travel, study abroad, and remittances, and by enabling one-stop integrated management of foreign currency assets for both investment and general purposes.
A Korea Investment & Securities official said, "We will continue to expand customized services in line with the trend of overseas investment and international transactions becoming part of everyday life."