Korean Fintech Company MOIN Expands into Europe through Latvia

Korean fintech company MOIN, a leading digital cross-border money transfer and financial services company, is expanding its European operations through Latvia, marking its first step with an initial investment of €350,000 and plans to build a local team in Latvia, having already hired the first local expert.

"Long before we received our licence, Europe had already become one of our most important markets. MOIN is one of the largest senders of EUR from Korea, and Latvia allows us to serve that demand from within the EU," said Ilseok Suh, CEO of MOIN.

The expansion represents an important milestone in MOIN’s international growth strategy and highlights Latvia’s growing appeal as a European entry point for innovative Korean fintech companies. Through its Latvian operations, MOIN will be able to develop its European business while benefiting from Latvia’s fintech regulatory framework, digital infrastructure, skilled talent and access to the wider European market.

As part of its market entry, MOIN will establish a local presence and hire staff in Latvia, strengthening its long-term commitment to the country and creating new opportunities for cooperation with Latvian financial institutions, technology companies and the wider fintech ecosystem.

“I am very glad to have been able to facilitate the whole of MOIN’s journey from their initial interest about Latvia to starting their business operations. MOIN’s decision to choose Latvia as its gateway to Europe is a strong signal that Latvia’s fintech regulation and ecosystem are becoming increasingly attractive to innovative Korean companies,” said Mārtiņš Baumanis, Head of Korea office at the Investment and Development Agency of Latvia.

It also demonstrates the value of proactive dialogue between international fintech companies and the Bank of Latvia. Early consultations with the central bank can help companies better understand regulatory requirements, identify the appropriate licensing and operational pathway, and address potential issues at an early stage.

“This case also shows that proactive consultations with the Bank of Latvia can contribute to faster and more predictable market-entry outcomes for international fintech companies,” said Baumanis. “Early and constructive dialogue allows companies to understand the regulatory environment from the outset and prepare their business models accordingly.”

MOIN brings a proven compliance track record to Latvia. In 2025, it became the first non-bank financial institution to receive the Commissioner's Award from the Korea Financial Intelligence Unit for outstanding suspicious transaction reporting. It was also the only fintech company to receive the Bank of Korea Governor's Award in the foreign exchange category, alongside Korea's major commercial banks.

MOIN’s arrival adds this leading Korean fintech company to Latvia’s growing international fintech community and further strengthens economic and technological ties between Latvia and South Korea.

Latvia offers Korean fintech companies a combination of EU market access, a developed digital economy, a growing fintech ecosystem and a regulatory environment designed to support innovation while maintaining high standards of financial integrity and consumer protection.

The MOIN expansion is therefore not only an investment in Latvia, but also an example of how Korean innovative companies can use Latvia as a starting point for their wider European growth strategy.