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Economy

Japan to open doors to nonbank money transfers

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

Japanese Finance Minister Taro Aso said Tuesday that a $9,000 cap on remittances by nonbanks would be removed, paving the way for greater competition in large-sum money transfers.   © Kyodo

TOKYO -- 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.

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