(1) An electronic financial business entity registered with the Financial Services Commission under Article 28(2) to perform the duties under Article 28(2)4 (hereinafter referred to as "electronic payment settlement agent") shall manage (hereinafter referred to as "external management" in this Article and Articles 42-2,49, and 51) an amount corresponding to the full amount of the funds subject to settlement [referring to funds temporarily held and managed for electronic payment settlement agent services or refunds to users (including cases of payment or refund to other financial companies or electronic financial business entities, etc.); hereinafter the same shall apply] through a financial company prescribed by Presidential Decree, such as a bank (hereinafter referred to as "settlement fund management institution"), by any of the following methods, and shall not use it for any purpose other than electronic payment settlement agent services:
1. Trust business;
2. Deposit;3 Payment guarantee insurance prescribed by Presidential Decree.
(2) An electronic payment settlement agent may directly manage the funds subject to settlement covered by payment guarantee insurance under paragraph (1) 3.
(3) A settlement fund management institution that externally manages the funds subject to settlement under paragraph (1) and an electronic payment settlement agent that directly manages the funds subject to settlement under paragraph (2) shall manage the funds subject to settlement by safe means prescribed by Presidential Decree.
(4) No person shall set off, seize, or provisionally seize the funds subject to settlement externally managed under paragraph (1).
(5) An electronic payment settlement agent shall not transfer or provide as collateral the funds subject to settlement externally managed under paragraph (1), except in cases prescribed by Presidential Decree, such as merger or transfer of business.
(6) Where an electronic payment settlement agent falls under any of the following subparagraphs, the settlement fund management institution shall pay the funds subject to settlement externally managed to sellers (referring to persons who provide goods or services), users, assignees of such claims, or claimants prescribed by Presidential Decree (hereinafter referred to as "sellers, etc.") who hold claims thereto, in preference to others upon the request of such sellers, etc.; in such cases, necessary procedures, such as the method of request by sellers, etc., shall be prescribed by Presidential Decree:
1. Where permission or registration is revoked or canceled;
2. Where a resolution for dissolution is passed;
3. Where a prepaid business entity is declared bankrupt or in other cases similar thereto prescribed by Presidential Decree;
4. Where an order to suspend all electronic financial business affairs is issued pursuant to Article 43 (2);
5. If any other cause or event equivalent to the causes and events under subparagraphs 1 through 4 has occurred.
(7) Upon the occurrence of any event falling under the subparagraphs of paragraph (6), a person prescribed by Presidential Decree who becomes aware of such fact, including the relevant electronic payment settlement agent, shall immediately notify a person prescribed by Presidential Decree, such as a settlement fund management institution, thereof.
(8) If a settlement fund management institution falls under subparagraph 2 or 3 of paragraph (6), it shall pay the funds subject to settlement that are externally managed to the electronic payment settlement agent on a preferential basis. In such cases, the electronic payment settlement agent shall externally manage the funds subject to settlement through another settlement fund management institution under paragraph (1) within a period prescribed by Presidential Decree.
(9) Where a settlement fund management institution is required to pay funds subject to settlement to sellers, etc. under paragraph (6), the electronic payment settlement agent that has externally managed the funds subject to settlement may provide the following information regarding the relevant sellers, etc. to the settlement fund management institution:
1. Information identifying the sellers, etc.;
2. Information regarding the funds subject to settlement payable to the sellers, etc.;
3. Other information similar to that referred to in subparagraphs 1 and 2, which is prescribed by Presidential Decree as deemed necessary to respond to claims from sellers, etc.
(10) Sellers, etc. holding a claim for funds subject to settlement shall have the right to receive payment for such claim from the property externally managed by an electronic payment settlement agent as funds subject to settlement, in preference to other creditors.
(11) The Financial Services Commission shall inspect the status of the management of funds subject to settlement under this Article on a quarterly basis.
(12) The scope and method of calculating funds subject to settlement required to be externally managed, the standards and methods for external management, the methods for inspecting the management status of funds subject to settlement, and other matters necessary for the management of funds subject to settlement shall be prescribed by Presidential Decree.[This Article Added on Dec. 16, 2025]