Moin Obtains European EMI License, Can Offer Financial Services in 30 EEA Countries

Moin, a fintech company focused on overseas remittances, has obtained a European Electronic Money Institution, or EMI, license, Money Today reported on July 10.

The license was secured through the company's European unit, SIA MOIN Payments. It allows Moin to provide financial services including electronic money issuance, payment settlement and overseas remittances in 30 countries across the European Economic Area, or EEA, without obtaining additional approvals in each market.

The EEA includes the European Union's 27 member states as well as Norway, Iceland and Liechtenstein.

An EMI license is granted after a review by European financial authorities. The process assesses anti-money laundering controls, capital adequacy, risk management and the local entity's operational capabilities.

Moin said it plans to use the license to expand its cross-border payments business, including business-to-business trade settlement between South Korea and Europe, global platform payments and personal overseas remittances.

Demand from corporate and institutional clients for reverse payments and remittances originating in Europe is continuing to rise, Chief Executive Officer Seo Il-seok said. The company will use the license to expand its global payments business, he added.