Nium Becomes First Global Fintech To Secure Coveted Type 1 Funds Transfer License From Japan's Financial Service Agency

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Nium, a leading company in instant international payments, has reached a major milestone by becoming the first non-Japanese company to obtain a Type 1 Funds Transfer Service Provider (FTSP) license from the Japanese Financial Services Agency (JFSA). This license allows Nium to provide a wide range of financial services, including transferring up to 50 million JPY per transaction through Japan's local payment clearing rail, Zengin-Net, to a Japanese beneficiary account.

In 2021, an amendment to Japan's Payment Services Act removed the limits on cross-border transfers for Type 1 license holders, aiming to reduce the costs associated with sending and receiving money to and from the country. However, very few companies have met the strict regulatory requirements for approval, leaving businesses with limited options for international payments. Nium's Type 1 license demonstrates its ability to seamlessly connect with local payment systems, conduct real-time transactions, offer transparent pricing, and provide significantly lower rates compared to other non-bank entities holding Type 2 licenses.

Anupam Pahuja, Executive ...
... Vice President of Asia Pacific, Middle East, and Africa at Nium, highlighted the broader impact of this achievement, emphasizing that Nium is now the first truly global alternative for large-value transfers to and from Japan. This empowers banks and businesses worldwide to have greater involvement in the Japanese market.

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