Global Money Transfer Service Based on Blockchain

Abstract/Technology Overview

We simplify the cross-border remittance process without using SWIFT network and intermediary banks. In this way, we can save all the fees entitled to, and provide affordable service to our customers. Since we are developing an algorithm that is mathematically optimized based on remittance solutions such as blockchain, pooling, and netting, we expect to not only save fees and charges but also expand its business to other financial services based on blockchain technology.

We are expanding its service areas by having a partnership with financial institutions, fintech companies, or global remittance companies that have a cross-border license in the area. Currently, we are focusing on outbound money transfer (sending money from Korea) among individual customers. Also, we are working with global financial companies to help them send money to Korea as well. MOIN is going to expand its business to corporate customers. Currently, we are working on several projects to embed our service into the main service platform of mobile payment companies and other financial companies.

We plan on expanding its service to various different countries so that it will be able to connect different countries together. By launching its service in various regions, we will be able to increase its service level significantly. Thus, people in any location will be able to send money anywhere at any time.

Technology Features, Specifications and Advantages

MOIN is a blockchain based cross-border remittance service. In year 2016, MOIN used public blockchain network such as Bitcoin and Etherium. In this stage, when customer applies for transaction and sends the fund to MOIN, MOIN would change the fund in to crypto-currency and send the crypto-currency to the beneficiary's country and exchange the crypto-currency into local currency. As the technology progress, MOIN moved on to use private blockchain networks that were specifically made for cross-border remittance purpose such as Stellar network and Ripple. By using these networks, MOIN was able to offer even more effective service to customers. MOIN was able to lower down the fee 90% and increase the speed 4 times. 

As a next step, MOIN also uses non-blockchain methods as well. MOIN used mechanisms such as pre-funding, pooling and netting. Pre-funding works by MOIN sending lump sum fund over to the receving country before the transactions actually happen. Afterwards MOIN immediately sends out the customers' transactions from the balance that is already in the receiving country. MOIN also uses netting mechanism. If there are transactions leaving from country A to B and transactions leaving country B to A, the same amount is offset and only the difference is sent across. 

MOIN's ultimate goal is to come up with the most effective algorithm that allows MOIN to use the best way to send money abroad, based on the best mechanisms according to various conditions. MOIN plans to issues the most efficient cross-border remittance service. 

Potential Applications

Cross-border remittance globally is over 600bil USD and is continuing to grow. This is becasue more and more people are working globally and sending their salary back home. Also many consumers globally are purchasing products from overseas e-commerce marketplaces. This means that the market is growing fast and that the market is segmented between various consumers. Thanks to this market, MOIN has many potentials to grow. 

MOIN's cross-border remittance service has potentials to grow exponentially. Currently MOIN is sending transactions to 28 countries and receiving transactions from various global financial partners.

  • MOIN will continue to open up more countries that are served through MOIN.
  • MOIN is also trying to acquire licenses from other major regions such as Singapore, UK, EU and Japan. By doing this, the transactions volume of MOIN will increase significantly.
  • MOIN is currently implementing its service to various financial corporates' (such as mobile payment and securities companies) service platforms. Their customers will be able to use MOIN's service through their platforms.
  • MOIN is also preparing for a pre-paid card business to be released very soon. The fund flow of pre-paid card is very similar to that of cross-border remittance. Through this service MOIN will be able to reach out to a whole new range of customers. 

Like mentioned above, there are many ways to expand the business of MOIN. Based on MOIN's main business cross-border remittance, MOIN will try its best to expand and implement its efficiency in other businesses as well. 

Customer Benefit

  • Up to 90% cheaper to send money: MOIN has eliminated all the inefficient middle-men. This enables MOIN to save various transfer fees. Thus, MOIN can offer better/affordable price, compared to other mehtods.
  • 4 times faster: Without the unnecessary middle-men, MOIN is able to finish the transactions much faster. MOIN's service is faster than any banks. MOIN can send funds 4 times faster than banks
  • Easy to send money: MOIN provides its service both WEB/PC and mobile application (iOS, Android). All devices can be used to use MOIN's service. Our customers can send money anytime, anywhere 24/7. The process is very simple and easy. Once you save the beneficiary’s information, you can send money in less then 1 minutes.

Contact Person

Ii Seok Suh



Technology Category
  • Blockchain
  • eCommerce & ePayment
  • Financial Technology
Technology Status
  • Available for Licensing
Technology Readiness Level
  • TRL 9

Cross-border Remittance, Fintech, Money Transfer, Blockchain