Nium Now Licensed by Japan’s Regulator for Money Transfers Over US$300K – Fintech Singapore

Global payments platform Nium announced that it has secured a payments license to conduct higher-value financial transactions from Japan’s Financial Services Agency (JFSA).

According to Nium, it is the first international company to be granted the Type 1 Funds Transfer Service Provider license with the “JFSA recognising its ability to integrate with local payment rails, deliver real-time transactions, provide transparent costs, and offer significantly cheaper rates”.

This allows Nium to enable up to 50 million JPY (US$ 333,850) per transfer through Japan’s Zengin-Net payment system directly to local accounts. Most non-bank entities typically hold Type 2 licenses limiting transactions to 1 million JPY.

This follows a 2021 amendment to Japan’s Payment Services Act, aimed at reducing the cost of international money transfers by lifting restrictions for Type 1 license holders.

The acquisition of the license is part of Nium’s broader strategy to enhance its services across the Asia Pacific region and beyond.

Anupam Pahuja

Anupam Pahuja, Executive Vice President of Asia Pacific, Middle East, and Africa at Nium said,

“Previously, only banks could transfer large funds, but today, Nium becomes the first true global alternative for large value transfers into and out of Japan.

We look forward to empowering banks and businesses worldwide to do more commerce with Japan by providing the speed, efficiency, and transparency of payments that has long been missing from this important global market.”

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/89489/payments/nium-now-licensed-by-japans-regulator-for-money-transfers-over-us300k/