Financial technology enterprise MOIN has launched their oversea remittance service beta. The first serving country is Japan.
MOIN is different from current oversea remittance services that focus on providers (financial community). MOIN’s goal is to focus on users (customers) and develop new services.
MOIN’s Oversea Remittance Service
As MOIN stated, it takes only 1-2 days and a small fee to remit overseas, and it’s now possible to know the estimated time when the money will appear. The remitter will receive a message when the payee receives the money.
Users don’t have to go to the bank, as the entire process can be done on the website. You can use a PC or smartphone to remit at anytime, anywhere.
MOIN’s plan is to make remittance available to only to Japan, but also South East Asia and China.
MOIN’s Oversea Remittance Service
Representative of MOIN Seo Ilseok stated, “Instead of using a current oversea remittance network (SWIFT), we use ‘blockchain technology’ to provide a new option. If we used the SWIFT network, the remittance would go through an intermediary bank, which takes more time and money. With blockchain technology, these issues can be avoided through MOIN’s service.
MOIN received 500 million won in investment from D.CAMP, Capstone Partners, Boguang Startup, and US Strong Ventures in July. MOIN also won the Financial Supervision Award at the Financial Reform and Employment Expo 2016.
