Message from CEO
SBI Remit registered as a Funds Transfer Service Provider pursuant to the Payment Services Act enacted in April 2010 as part of Japan’s financial deregulation. In December that year we began services for customers remitting funds to overseas and receiving funds from overseas, with a legal maximum limit of 1,000,000 yen per transaction.
Uniquely within the SBI group whose clientele consists mostly of Japanese, SBI Remit has had a clear corporate mission to enhance convenience of foreigners residing in Japan to settle well. The SBI group had anticipated the decline in the labor force caused by Japan’s aging population, which has become markedly obvious in current times. And as part of a financial infrastructure to encourage high quality foreign workers to our country, we have lined up a number of secure, cheap and fast products to enable such workers to send money back home to their families.
We didn’t only introduced the significantly reduced fees compared to those previously charged by banks but also dramatically shortened the time for the money to travel , needless to say ensuring safety of customers’ funds. Currently some 90% of our customers are foreign-born citizens in Japan. According to Bank of Japan statistics for Jan-Mar. of the funds sent abroad by individuals for living expenses by all financial institutions including banks in 2020, we have secured the market share at around 35,4%. In particular that share to Asian countries was as high as 42,5%
We will continue to search new technologies to improve our services. Among many fin-tech solution technologies, the SBI group greatly believes the distributed ledger technology (DLT), which has produced block chain technology and crypt currency, is a phenomenal technological breakthrough of the century. In 2017, we launched the Japan-Thailand corridor to Siam Commercial Bank, taking advantage of block chain technology by Ripple of the US. Thanks to the enhanced economy and lightning-quick remittance process by Ripple helped us increase our remittances to Thailand by around 70% in a year. We are planning to launch more than a couple of Ripple related products in near future. Such many new products and services launches in our pipeline, we are looking to serve our existing customers better and to serve also more new customers.
SBI Remit Co., Ltd.
Representative Director: Nobuo Ando