SBI Remit’s International Money Transfer Exceeds 800 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 transfers (JPY equivalent) exceeded 800 billion JPY.
SBI Remit started its business at the end of December 2010 with a mission to provide financial services mainly focused on money transfers for foreign residents in Japan. The population of foreign residents, that are the main users of the services, reached about 2.73 million residents* and is a significant increase from about 2.08 million as of time of the service launch by 31%, about 0.65 million.
Trend of foreign residents per nation shows a significant increase of Vietnamese in recent years with 330,835 as of the end of last year, an increase by 68,430 (26.1%) YoY, and 4.6 times larger than 5 years ago. Based on the large Influx of human resources from Vietnam, money transfer business has been launched jointly by SBI Remit and TienPhong Commercial Joint Stock Bank, a commercial bank in Vietnam (Head office: Hanoi, Vietnam, CEO: Nguyen Hung, hereinafter “TPBank”) since this November utilizing Distributed Ledger Technology (DLT) that is the first between Japan and Vietnam.
This realized money transfer in real time and low level cost between SBI Remit and TPBank.
SBI Remit continues to develop and provide secure, fast and low cost money transfer services that meet needs not only to Vietnam but also to other countries situations and strives for service provision that meet users’ demands.
* The Ministry of Justice: Number of foreign residents in Japan as of the end of 2018
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