[THE INVESTOR] Financial authorities will give permits to fintech firms to provide international money transfer services for small funds, officials said on July 12.

About 40 fintech firms are expected to launch the services from Aug. 15, according to officials at the Financial Supervisory Service.

The move is expected to intensify competition in the 10 trillion-won (US$8.70 billion) international money transfer market.

A one-off transfer via a fintech firm will be limited to US$3,000 or less. By an account, an annual limit for international money transfers via fintech firms will be set at US$20,000.

Fintech firms will be allowed to use various methods to send money, including pooling, pairing and the digital currency Bitcoin, the financial regulator said.

By Alex Lee and newswires (alexlee@heraldcorp.com)