JFSA

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

Retrieved on: 
Thursday, February 29, 2024
Transfer, Type 1, JFSA, Payment Services Act 2019, Growth, Commerce, Type 2, Money, Financial Services Agency, Bank

SINGAPORE, Feb. 29, 2024 /PRNewswire/ -- Nium, the leader in real-time cross-border payments, announced today that it is the first non-Japanese company to have secured a Type 1 Funds Transfer Service Provider (FTSP) license from the Japanese Financial Services Agency (JFSA). The Type 1 license authorizes 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.

Key Points: 
  • In 2021, an amendment to Japan's Payment Services Act lifted cross-border transfer caps for Type 1 license holders, to lower the cost of money transfers in and out of the country.
  • However, since this amendment passed, few companies have been able to meet the high standards for regulatory approval.
  • Most other non-bank entities, including Money Service Businesses, hold Type 2 licenses, which limits cross border transfers to only 1 million JPY.
  • This accomplishment aligns with Nium's commitment to redefining global financial services by providing users with unparalleled access to secure and innovative payment solutions.

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

Retrieved on: 
Thursday, February 29, 2024
Transfer, Type 1, JFSA, Payment Services Act 2019, Growth, Commerce, Type 2, Money, Financial Services Agency, Bank

SINGAPORE, Feb. 28, 2024 /PRNewswire/ -- Nium, the leader in real-time cross-border payments, announced today that it is the first non-Japanese company to have secured a Type 1 Funds Transfer Service Provider (FTSP) license from the Japanese Financial Services Agency (JFSA). The Type 1 license authorizes 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.

Key Points: 
  • In 2021, an amendment to Japan's Payment Services Act lifted cross-border transfer caps for Type 1 license holders, to lower the cost of money transfers in and out of the country.
  • However, since this amendment passed, few companies have been able to meet the high standards for regulatory approval.
  • Most other non-bank entities, including Money Service Businesses, hold Type 2 licenses, which limits cross border transfers to only 1 million JPY.
  • This accomplishment aligns with Nium's commitment to redefining global financial services by providing users with unparalleled access to secure and innovative payment solutions.

S&P Global Market Intelligence Releases Annual Global Regulatory Reporting Survey Findings

Retrieved on: 
Wednesday, December 6, 2023
CFTC, Machine learning, S, Money, Commodity Futures Trading Commission, Artificial intelligence, Investment, ASIC, UTI, Automation, S&P Global, MAS, Contract management, JFSA, EMIR, TEL, AI, Australian securities law, Face, Audit, Financial adviser

NEW YORK and LONDON and TEL AVIV, Israel, Dec. 6, 2023 /PRNewswire/ -- S&P Global Market Intelligence today released the findings of its annual Global Regulatory Reporting Survey, which revealed that resourcing and data quality management are the main barriers to effective, accurate and cost-effective transaction regulatory reporting.

Key Points: 
  • NEW YORK and LONDON and TEL AVIV, Israel, Dec. 6, 2023 /PRNewswire/ -- S&P Global Market Intelligence today released the findings of its annual Global Regulatory Reporting Survey, which revealed that resourcing and data quality management are the main barriers to effective, accurate and cost-effective transaction regulatory reporting.
  • Conducted by S&P Global Market Intelligence Cappitech, the survey found that fewer than half of respondents in the survey believe their firm are appropriately resourced, even when most firms have obligations in multiple jurisdictions.
  • Struan Lloyd, Head of Cappitech at S&P Global Market Intelligence, said: "Ultimately, good data drives effective regulatory reporting and firms need the right tools and resources to achieve this.
  • The report also highlights that the market is more prepared for the swathe of regulatory changes coming in 2024 than for any previous regulatory reporting changes.

Former Japanese Vice Minister of the Environment, Tokutaro Nakai, Joins Persefoni's Sustainability Advisory Board

Retrieved on: 
Wednesday, October 18, 2023
JFSA, Government, Moe, Carbon, Cyprus Securities and Exchange Commission, Ministry, CMAP, Environment, Public sector, CDP, Private sector, Overalls, ISSB, SAB, Ministry of Economy, Trade and Industry, METI, Management, Renewable energy

TEMPE, Ariz. and TOKYO, Oct. 18, 2023 /PRNewswire/ -- Persefoni, a leading Climate Management & Accounting Platform (CMAP) for enterprises and financial institutions, has announced the appointment of Tokutaro Nakai to its Sustainability Advisory Board (SAB). The board, established in 2020 and composed of global experts in sustainability, strategically advises Persefoni's board and executive team on sustainability reporting product offerings, market strategies, and overall vision.

Key Points: 
  • The board, established in 2020 and composed of global experts in sustainability, strategically advises Persefoni's board and executive team on sustainability reporting product offerings, market strategies, and overall vision.
  • Persefoni's dedication to sustainability and innovative approach to addressing climate challenges align with my values.
  • Nakai-san's distinguished career includes driving pivotal policies in the Japanese metropolitan and regional areas, while serving as Vice Minister at the Japanese Ministry of the Environment (MoE).
  • "I am delighted to join Persefoni's esteemed Sustainability Advisory Board," expressed Nakai-san.