under the Payment Services Act (PSA) is required (Article 37 of PSA). Remittance services are generally considered "exchange transactions" (Kawase Torihiki) which previously only banks were allowed to provide (Article 4(1), Article 10(1)(iii), and Article 61(i) of the Banking Act), but following the popularization and growth of new payment services in the retail industry, business operators other than banks were subsequently allowed to provide remittance services limited to remittances of 1 million yen or less per transaction by registering as a Funds Transfer Service Provider under PSA, which came into force in 2010. However, it was pointed out that rather than applying the same regulations to all remittances regardless of the amount thereof, because the amount of remittance per transaction is often no more than a few tens of thousands of yen, it would be better to implement regulations based on the degree of risk involved, and furthermore that the regulations should also allow remittances exceeding a maximum of 1 million yen per transaction, including for overseas funds transfers, as there is also a need for such remittances. In light of this, in order to allow payment services to be tailored to the needs of users, the PSA, which came into force in May 2021, divides Funds Transfer Services into three types, namely: Type 1 Funds Transfer Services (Large-Amount Type); Type 2 Funds Transfer Services (Existing Type); and Type 3 Funds Transfer Services (Small-Amount Type), each of which has a different maximum limit of remittance per transaction (Article 36-2 of PSA), and for each (1) Summary of License Types Funds Transfer Service a. For a non-bank business operator to provide remittance services, a registration for Funds Transfer Services 41 2. Licenses Related to FinTech Business
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