Wise joins Japan’s domestic payment network Zengin
Wise, a UK-based global money transfer firm, has been approved to join Japan’s domestic payment network Zengin.
Wise obtains approval to join Japan’s Zengin network
Once connected, Wise will be able to process real-time payments directly, without intermediaries, as the first non-bank addition to a network typically reserved for banks.
This will include facilitating instant cross-border payments to and from Japan for both individuals and businesses.
The approval follows closely on the heels of Wise’s Japanese arm, Payments Japan KK, reportedly being licenced to provide Type 1 Funds transfer services earlier this year.
This has enabled Wise’s Japanese customers to send and receive up to JPY 150 million (approximately $1 million) per transaction in over 40 currencies.
Founded in 2011, Wise has been operating in Japan for over eight years, according to Mika Sei, country manager for Wise Japan. In 2023, Wise strengthened its ties to the country by partnering with GMO Aozora Net Bank.
