Koreans can have foreign currencies they exchanged electronically up to $2,000 delivered to the locations of their wishes soon and may be able to fly around the city on aerial vehicle within five years under a slew of deregulatory outlines.

Hong Nam-ki, deputy prime minister, announced immediate deregulatory actions and mediating role to draw consensus on sharing economy like ride- and room-sharing as well as remote healthcare that has been stalled due to conflict of interests.

For immediate change, consumers will be allowed to receive foreign currencies that they exchanged via banks’ digital platform such as mobile application through delivery service or parking lots and air carriers on the day of departure. Foreign tourists that transfer foreign currency from overseas will also be able to withdraw cash in Korean won at automated teller machines upon arrival.

Small moneylenders such as banks, money dealers, brokerages, card firms, and savings banks will be allowed to commission foreign exchange and cash transfer services to parcel delivery companies, airlines, and duty free operators. This will allow consumers to seek foreign currency exchange via mobile application and receive currencies at home, duty free stores, and airport upon departure.

Those unused to digital platforms such as the elderly will be able to use various channels such as ATMs and nearby Korean Federation of Community Credit Cooperatives branches to receive same service.

The ministry expected the latest measures will boost innovative attempts by foreign exchange service industry and accelerate new service launches as a result of eased regulation uncertainty.

The ministry plans to revise related law for the service by the end of September.

The government also announced plans to nurture no-contact service and shared economy sectors by providing government arbitration service, which will allow businesses in new industries to accelerate projects without conflict with existing players.

For mid-term outline, the government launched the timetable to enact a special act by 2023 to initiate urban air mobility (UAM) service in 2025 for full-fledged commercial service in 2030.

By Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]