Fintech startup Cross ENF has completed registration with the Financial Services Commission as an issuer and manager of prepaid electronic payment instruments and is moving to expand its top-up and payment services.

Cross ENF said on July 13 it has completed the registration with the commission and secured status as an electronic financial business operator.

The registration was carried out under standards set by the revised Electronic Financial Transactions Act. The amended law strengthened user protection requirements, including an obligation to separately manage prepaid top-up funds.

Cross ENF plans to use the registration to add top-up and payment functions to its existing overseas remittance service Cross and online commerce service Crossshop.

The company plans to support the financial activities of foreign migrants based on a service structure that connects remittances, spending and payments.

It also plans to use data accumulated during service use to develop customised services and expand its business into a platform that covers both financial and daily life services.

Won-hee Shin (신원희), CEO of Cross ENF, said, "Cross ENF's journey, which began with remittances, is now moving to a stage that connects the overall daily lives of foreign migrants, driven by this prepaid business registration."