Information/Campaigns

2018/09/05

SBI Remit’s International Money Transfer Exceeds 500 Billion JPY Cumulatively


 SBI Remit Co., Ltd (Head office: Minato-ku, Tokyo, Representative Director: Nobuo Ando, https://www.remit.co.jp, hereinafter “SBI Remit”), an international money transfer service business operator and a subsidiary of SBI FinTech Solutions Co., Ltd., a total FinTech solution company, announces that the cumulative total of overseas money transfer (JPY equivalent) exceeded 500 billion JPY.

 In the large globalization movement, SBI Remit started business at the end of 2010 with a mission to provide SBI group’s financial services to foreign resident population in Japan which is expected to continue to increase. The current foreign resident population in Japan recorded its highest number, about 2.56million(*), and as the Japanese government presented its policy to expand the acceptance of foreign workers, foreign resident population is expected to increase much faster than ever before. Accordingly a growing need of foreign nationals reside in Japan led to increase in overseas money transfers which resulted in a high increase of the money transfers by SBI Remit. The number of registered members of the SBI Remit service is about 0.45 million and about 90% of the members are foreign nationals resident in Japan. Reflecting countries such foreign residents came from, many of SBI Remit’s money transfers are made to Asian countries and recently transfer volume to Indonesia, Cambodia, Myanmar and Thailand are increasing in addition to the predominant Philippines, China, Vietnam and Nepal.

 The money transfer service using U.S. Ripple’s distributed ledger technology launched in June 2017 with the Siam Commercial Bank Public Company Limited, a large private commercial bank in Thailand, is outstanding from the view of speediness to receive money and led to remarkable usage increase. The plan i to continue expand money transfer channel further utilizing the U.S. Ripple’s platform.

 SBI Remit keeps striving for development of high-convenience money transfer services to meet customer’s various needs, through adoption of new financial technologies in a proactive way.

 

(*) The Ministry of Justice Press Release, Number of foreign residents as of the end of June, 2018 (preliminary value)

http://www.moj.go.jp/nyuukokukanri/kouhou/nyuukokukanri04_00076.html

 

 

 

 

Reference: SBI Remit’s Milestone

Date

Milestone

2010-Dec

Launched the website and international money transfer service

2011-Jan

Launched convenience store money transfer service

2011-Jun

Launched the website for mobile

2011-Aug

-Reduced the remittance charges


-Increased the Maximum Allowed number of Remittances to 20 times


-Added remittance countries

2011-Nov

Launched bank transfer services to Philippines

2012-Jan

Launched bank transfer services to China

2012-Feb

Extended the acceptance hours for convenience store money transfer

2012-Sep

Added remittance countries

2012-Dec

Added SMS as a reference number notification method

2013-Jan

Reduced the remittance charges

2013-Aug

Launched money transfer services to Myanmar

2014-Jan

Reduced the remittance charges

2015-Mar

-Reduced the remittance charges to China


-Launched money transfer services to Sri Lanka

Date

Milestone

2015-Jul

-Exceeded the cumulative total 100 billion JPY


-Reduced the remittance charges to Philippines


-Launched money transfer services to Brazil

2016-Sep

Exceeded the cumulative total200 billion JPY

2017-Jun

-Reduced the remittance charges to Vietnam


-Launched selling budget SIM cards with easy procedure


-Launched money transfer service utilizing distributed ledger technology in Thailand

2017-Jul

Exceeded the cumulative total 300 billion JPY

2017-Oct

Enhanced money transfer services to Myanma

2018-Feb

Exceeded the cumulative total 400 billion JPY

2018-Aug

Exceeded the cumulative total 500 billion JPY

 

 

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Enquiries: SBI Remit Customer Support Center

03-5652-6759 (English,Tagalog)

Reception Hours

Weekdays 08:00–22:00

Weekends and national holidays 12:00-21:00

(excluding New Year and vacation dates set by SBI Remit)

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