Japan to open doors to nonbank money transfers

Removal of $9,000 cap to heat competition in business-to-business remittances.

Japan is set to allow nonbank companies to handle money remittances of over 1 million yen ($9,000), lifting a limit that has prevented fintech startups from providing faster and cheaper services in an area dominated by the banking sector.

The Financial Services Agency will grant licenses for large-sum money transfers to companies meeting capital requirements and other conditions. It aims to revise existing legislation to allow the services from mid-2021 at the earliest.

Source: Nikkei Asian Review. Read full article here