Information/Campaigns

2019/02/27

SBI Remit’s International Money Transfer Exceeds 600 Billion JPY Cumulatively


 SBI Remit Co., Ltd (Head office: Minato-ku, Tokyo, Representative Director: Nobuo Ando,https://www.remit.co.jphereinafter “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 transfers (JPY equivalent) exceeded 600 billion JPY.

 

 SBI Remit established its business at the end of December, 2010 as a mission to provide financial services to foreign residents in Japan centering on money transfer. Since then, the population of foreign residents has increased year by year and the cumulative total of SBI Remit money transfer amount has grown at an accelerating pace accordingly.

 The cumulative total of SBI Remit money transfer amount exceeded JPY 600 billion in only five months from breaking the 500 billion line, one year from JPY 400 billion and two and half year from JPY 300 billion. This tells how high the needs for overseas money transfer have risen. The foreign residents population exceeded 2.63 million as of the end of June, 2018 and again reached a new record high (*) compared to last year. The government announced it will accept more human resources from overseas and improves the acceptance system including creation of new work visa, therefore further increase in foreign residents is expected.

 At the present, SBI Remit services are widely used and the number of registered members exceeds 500,000 with residents in Japan coming from Asian nations etc. Recently accompanying diversification of foreign residents’ nationalities in Japan, money transfers to several new regions in addition to the existing, China and Southeast Asia, has been added.

 SBI Remit has made efforts for service improvement to widely respond to the customers’ needs. Including development of money transfer service to bank accounts in Southeast Asian countries that have high needs, money transfer service to bank accounts in Thailand using distributed ledger technology by Ripple (U.S.) has also been developed in 2017. This service has got a good reputation from many customers because of its speedy money transfers and economic efficiency, and it is expanded to be deployed in area of high needs.


SBI Remit keeps striving to develop convenient and secure money transfer services by using the latest financial technology, putting customer’s needs first in the future too.

 

(*) 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 total 200 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

2018-Oct

-Launched bank transfer services to India


-Launched bank transfer services to Nigeria/ Ghana

2019-Feb

Exceeded the cumulative total 600 billion JPY

 

 

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Enquiries: SBI Remit Customer Support Center

03-5652-6759

Reception Hours

Weekdays 09:00–18:00

Weekends and national holidays 10:00-18:00

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

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