Wise becomes first foreign firm to gain direct access to Japan's payment clearing network

Wise's Approval in Japan: British fintech firm Wise has become the first foreign financial company to gain direct access to Japan's bank payment clearing network, potentially increasing competition in the remittance market and putting pressure on local banks.

Impact on Remittance Fees: With this new access, Wise aims to lower cross-border payment fees and processing times, contrasting with Japan's high average fee of 6.94% for sending $200, while Wise's global average fee stands at 0.59%.