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.
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
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