Small foreign currency remittance based on block chain in Korea and Vietnam

Abstract

The way of small foreign currency remittance between Korea and Vietnam has been changed from the main ‘foreign exchange banks’ to non-financial/banking institution, small foreign currency transfer company and fintech companies because of changes in relevant law and regulations. This research investigates factors such as legal, technical, environmental, user, service (foreign currency remittance status, remittance method) according to the current Foreign Exchange Transaction Act and proposes a solution for a small amount foreign currency remittance service based on the public and private the block chain. Therefore, it is considered that the foreign exchange remittance based on the block chain technology in the small-scale transfer business as well as the existing financial business. To derive the role of a desirable platform for the growth of small foreign currency transfer business, safeguard legal compliance, transfer fees reduction, transactions security, and real-time transactions are considered and reviewed.