The South Korean government is to ease current regulation so that non-banks, including mobile payment providers, can offer international money transfer services.

According to the Yonhap News Agency, the country’s finance ministry is set to revise the foreign exchange law from next week. Until now, only banks could enable international money transfer services.

Under the new rules, users can send up to $20,000 a year via smartphone to friends and family who live outside of South Korea.

“Currently, users have to pay some KRW40,000 ($34) in commission when they send KRW1 million overseas,” said the ministry. “The law revision will help ease the financial burden and reduce illegal foreign transactions,” it added.