- Fintech Nium secures major license from Japan regulator.
- It can now offer large fund transfers within Japan.
- This marks Nium’s expansion into the Japanese market.
Nium’s major license win
Singapore-based fintech startup Nium has secured a major license from Japan’s financial regulator.
The Type 1 Funds Transfer Service Provider license from the Japanese Financial Services Agency authorizes Nium to offer a wide range of financial services in the country.
This includes large fund transfers up to 50 million yen (US$334,000) per transaction through Japan’s payment network Zengin-Net.
Nium claims it is the first global company to meet the Type 1 standards set by the regulator.
The license recognizes Nium’s ability to integrate with local rails, enable real-time transactions, provide transparent costs, and deliver significantly lower rates.
Breaking ground in Japan
The license positions Nium as an alternative to banks for major fund transfers in and out of Japan.
Nium has seen rapid growth, with revenues surging over 266% in 2022. The company has been actively expanding across Asia, including Malaysia and now Japan.
Nium co-founder and CEO Prajit Nanu has set ambitious targets, aiming for the firm to break even by end 2024 in preparation for a future US IPO.
With the Japan license, Nium continues building its global payments capabilities and reach.
To read the original article in its entirety: https://www.techinasia.com/sg-fintech-firm-nium-snags-payments-license-japan
