Glossary of terms commonly used in the Wallet

Terms starting from M

4 Information

maximum interest rate

The maximum interest rate is the upper limit of the lending interest rate set by law. The two most common laws that stipulate the maximum interest rate are the Interest Rate Restriction Act and the Capital Subscription Law.

merchant fee

Merchant fees are fees paid to credit card companies by merchants who sign a contract with a credit card company to install credit card payment systems.

middle rate

The standard rate quoted by banks to their customers when dealing in foreign currencies is called the middle rate. The middle rate is also called TTM (Telegraphic Transfer Middle Rate), and is disclosed to customers based on the interbank market level at around 10:00 a.m. on the day the market opens.

money laundering

Money laundering is an act to obscure the source of funds obtained through criminal activity. It involves repeated transfers of money using fictitious or other people’s names in financial accounts, etc., the purchase of stocks and bonds, and large donations.

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