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Nium bags ‘Type 1 Funds Transfer License’ to deliver local payments in Japan

By Gloria Mathias

February 29, 2024

  • Financial Inclusion
  • Financial Institution
  • Financial Tools
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Nium, Jeonbuk Bank, Remittance Service, financial institution, real-time payments, financial tools, foreign immigrants, financial inclusion, Fintech news, Fintech APAC, Type 1 Funds Transfer License, Japanese Financial Services Agency, Nium, the real-time cross-border payment platform, has announced that it has secured a Type 1 Funds Transfer Service Provider (FTSP) license from the Japanese Financial Services Agency (JFSA).

The Type 1 license authorises Nium to provide a wide range of financial services, including transferring up to 50 million JPY per transaction via Zengin-Net, Japan’s local payment clearing rail, to a Japanese beneficiary account.

Nium is the only global company to meet the Type 1 license standards, with the JFSA recognising its ability to integrate with local payment rails, deliver real-time transactions, provide transparent costs, and offer significantly cheaper rates.

Anupam Pahuja, Executive Vice President of Asia Pacific, Middle East, and Africa at Nium, stated, “Previously, only banks could transfer large funds, but today, Nium has become 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 have long been missing from this important global market.”

Nium received in-principle approval for two sought-after payment licenses. Nium seeks to facilitate more real-time transactions and seamless financial interactions between strategic regions of the world. This accomplishment aligns with Nium’s commitment to redefining global financial services by providing users with unparalleled access to secure and innovative payment solutions.

“We are very excited about Nium’s attainment of the Japan Type 1 license. With this license, we anticipate not only real-time money transfers but also cost-effective transactions, enhancing the overall ease and efficiency of the money transfer process between Korea and Japan. This will enable both MOIN and Nium to better satisfy our customers, which is the most thrilling aspect for us,” stated Ian Ilseok Suh, CEO of MOIN.

As Nium expands its operations in Japan, it anticipates fostering local partnerships and contributing to the growth of the Japanese fintech ecosystem. The company remains dedicated to building trust with its users and partners by prioritising security, compliance, and customer satisfaction.

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