With the Type 1 license, Nium is able to offer a variety of financial services, including as sending funds to a Japanese beneficiary account via Zengin-Net, Japan's local payment clearing rail, in amounts up to 50 million JPY per transaction.

To reduce the cost of money transfers into and out of the nation, a change to Japan's Payment Services Act in 2021 reduced the cross-border transfer caps for holders of Type 1 licenses. Few businesses have, however, been able to meet the stringent requirements for regulatory approval since this amendment was implemented. Because of this, companies have been forced to employ conventional, expensive, slow payment methods for international transactions.

The JFSA has acknowledged Nium's capacity to link with regional payment rails, facilitate real-time transactions, offer transparent pricing, and be the first multinational firm to achieve Type 1 licensing standards. The majority of other non-bank organizations, like as Money Service Businesses, are licensed under Type 2, which caps cross-border transactions at one million yen.

The company is thrilled about the wider implications of this accomplishment, according to Anupam Pahuja, Executive Vice President of Nium's Asia Pacific, Middle East, and Africa division. He said, "Nium becomes the first true global alternative for large value transfers into and out of Japan. Previously, only banks could transfer large funds." We're excited to let banks and companies throughout the world to conduct more business with Japan by offering the speed, effectiveness, and payment transparency that have long been lacking from this significant international market.

This achievement demonstrates Nium's dedication to excellence in regulations, compliance, and openness. This is a critical time for the business as it grows and strengthens its position in the fast-paced APAC regions.

Nium is in a unique position to advance its goal of modernizing the global payments infrastructure and be the partner of choice for a number of important corridors. It recently revealed that it has obtained further regulatory approvals for its products across the Asian market, including an in-principle permission for two highly sought-after payment licenses in India.

More instantaneous transactions and smooth financial exchanges between key global locations are what Nium aims to enable. This achievement is consistent with Nium's mission to redefine financial services globally by giving consumers unmatched access to safe and cutting-edge payment options.

The fact that Nium has obtained a Japan Type 1 license excites us greatly. We hope that this license will enable cost-effective transactions in addition to real-time money transfers, improving the general simplicity and effectiveness of the money transfer procedure between Korea and Japan. The most exciting part for us is that this will allow MOIN and Nium to better satisfy our clients," said Ian Ilseok Suh, CEO of MOIN.

Nium hopes to develop local alliances and support the development of the Japanese fintech ecosystem as it grows its operations in Japan. The organization is committed to fostering trust with its partners and users by placing a high priority on customer satisfaction, security, and compliance.