MOIN touts fast money transfers for Vietnam debut
THE K-ICT Born2Global Centre, a South Korean government agency under the Ministry of Science, ICT and Future Planning (MSIP), yesterday said that MOIN, one of its member companies, would launch a fast money transfer service in Vietnam in the first quarter of 2018.
MOIN offers an international remittance service based on blockchain and crypto-currency technologies. A simple authentication procedure enables safe and convenient international wire transfers via MOIN's Website (both PC and mobile – Android and iOS), freeing users from having to visit a bank or wait for several days to complete a transfer. The service is already in operation in China and Japan.
One of the strongest advantages of MOIN's service that differentiates it from other money transfer systems is its direct, one-step process. This allows users to avoid commission fees and eliminates the waiting period required when going through an intermediary bank.
Because it does not rely on an intermediary, MOIN's global remittance service also savers customers from paying currency exchange commission fees. Also, when sending money via MOIN, users can save up to 90 per cent on remittance fees.
Another inconvenience that MOIN has eliminated is the time required to complete a remittance.
When receiving money from South Korea (to Vietnam) through other services, it can take anywhere from five days to several weeks, depending on which region of Vietnam is receiving the remittance. With MOIN, meanwhile, it now takes less than one day, regardless of the region.
Low commission
Revealing the new Southeast Asia launch yesterday, MOIN’s chief executive officer Ilseok Suh pointed to MOIN's commission rate for international money transfer as being less than two per cent and with no hidden fees.
“Our service also executes and finalises transactions much faster and lets our customers see exactly how much they will receive in local currency for the amount being sent,” he said.
“In addition to expanding our service to Vietnam, we will also expand to the rest of Southeast Asia and also Europe, the United States, the Middle East, and Africa. We are working on further enhancing our algorithms so that we can offer our services at even lower commission rates.”
In recognition of its potential, MOIN successfully raised $2.5 million in series-A funding earlier this month.