TransferWise opens in Japan
P2P forex platform and money transfer service, TransferWise has started operating in Japan aiming to target 1.3 million Japanese expatriates who want to send money home, as well as the 2.2 million foreigners living in the country. The Unicorn has partnered with Mitsubishi UFJ Financial to complete the transactions and ensure liquidity. TransferWise plans to move further into Asia shortly, with New Zealand next, followed by Singapore and Hong Kong, according to Taavet Hinrikus, the firm's CEO.

(Bloomberg) -- TransferWise Ltd., the U.K. money-transfer startup, began operations in Japan Wednesday, its latest effort to shake up banks’ dominance of the market for sending cash abroad.

TransferWise will target the 1.3 million Japanese expatriates who want to send money home, as well as the 2.2 million foreigners living in the Asian nation, Taavet Hinrikus, co-founder and chief executive officer, said in an interview in Tokyo. The firm will work with Mitsubishi UFJ Financial Group Inc. to complete transactions and ensure liquidity, he said.

TransferWise, which Hinrikus created with Kristo Käärmann six years ago, matches people who want to send money across borders. It facilitates exchanges at the so-called mid-market rate that excludes the markups banks charge customers to convert currencies. The London-based company says its fees are up to eight times cheaper than what banks and traditional money-sending services charge.

To contact the reporters on this story: Gareth Allan in Tokyo at gallan11@bloomberg.net, Shingo Kawamoto in Tokyo at skawamoto2@bloomberg.net. To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Russell Ward

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