The K-ICT Born2Global Centre announced that MOIN, one of its member companies, will be launching its global money transfer service in Vietnamin Q1 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 bank, MOIN's global remittance service can exempt currency exchange commission. Also, when sending money via MOIN, MOIN enables the user to save up to 90 percent on remittance fees.
Another inconvenience that MOIN has eliminated is the time required to complete a remittance. When receiving money from Korea (to Vietnam) through other services, it can take anywhere from five days to several weeks, depending on the region of Vietnam from which the remittance is received. With MOIN, it now takes less than one day, regardless of the region of the recipient.
The sending process is a satisfying experience. MOIN can be used on both Android and iOS platforms, regardless of time or place and allows transactions to be made on a 24-hour basis year-round.
MOIN's CEO Ilseok Suh said, "MOIN's commission rate for international money transfer is less than two percent and there is no hidden fee. Our service also executes and finalizes transactions much faster and lets our customers see exactly how much they will receive in local currency for the amount being sent. 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 this December.