SBI Remit’s International Money Transfer Service Provision in Partnership with FUKUSHIMA BANK
SBI Remit Co., Ltd (Head office: Minato-ku, Tokyo, Representative Director: Nobuo Ando, 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 a business partnership agreement with THE FUKUSHIMA BANK, LTD. (Head office: Fukushima-shi, Fukushima, President: Takahiro Kato, hereinafter “FUKUSHIMA BANK”) in regard to agency business for international money transfer services that SBI Remit provides.
◼ Background and Purpose
Against the backdrop of a shrinking productive-age population due to a declining birthrate and aging society and labor shortage based on continuous recovery of the economic climate, the number of foreign workers increases year by year. The number of foreign residents as of the end of June 2019 reached to 2,830,000 (*1) that includes about 1,660,000 (*2) foreign workers, hit a record high.
Foreign residents and foreign workers increase steadily even in rural areas and great expectation is rising for foreign workers that would shoulder the labor shortage in such as the Tohoku region that faced a serious depopulation due to effects of the Great East Japan Earthquake. Regarding the number of the foreign workers in Fukushima prefecture, it has increased by 2.5 times (*3) approximately as of the end of October 2019 from the time before the earthquake (as of the end of October 2010).
SBI Remit sets financial service provision centering on money transfer for foreign residents as a mission and the performance of money transfer has been increased by high convenience service provision actively utilizing the latest financial technologies including Distributed Ledger Technology of U.S. Ripple.
On the other hand, FUKUSHIMA BANK develops 48 branches and 5 sub-branches mainly in Fukushima prefecture and established a strong network with regional companies. In regards to the regional companies, needs of money transfer to foreign employees’ home countries are expected as such companies have about 10,000 foreign workers who are mainly technical interns from various countries including Vietnam, China and the Philippines.
Under these circumstances, mutual utilization of networks and know-how that the two parties have will realize high value added service provision to meet customers’ needs and it will also make new market development for SBI Remit and reduction of administrative burden regarding international money transfer service for FUKUSHIMA BANK can be achieved. Based on such expectations, the business partnership was made.
SBI Remit continues to put customers’ needs first and strives for “new value provision” and “realization of customer centric principle” through high-convenience and secure money transfer service development taking advantage of leading-edge financial technology.
◼ About SBI Remit
Company Name : SBI Remit Co., Ltd.
Head Office : 1-6-1 Roppongi, Minato-ku, Tokyo
Established : August 2010
Representative : Representative Director Nobuo Ando
Capital : JPY 50 million
Business Outline : International money transfer service
URL : https://www.remit.co.jp/
◼ About FUKUSHIMA BANK
Company Name : THE FUKUSHIMA BANK, LTD.
Head Office : 2-5, Banseicho, Fukushima-shi, Fukushima
Established : November 1922
Representative : President Takahiro Kato
Capital : JPY 18,127 million
Business Outline : Banking
(*1) The Ministry of Justice: Number of Foreign Residents as of the end of June 2019http://www.moj.go.jp/nyuukokukanri/kouhou/nyuukokukanri04_00083.html
(*2) Ministry of Health, Labor and Welfare: Filing state summary of “Employment Situation of Foreigners” (as of the end of October 2019)https://www.mhlw.go.jp/stf/newpage_09109.html
(*3) Ministry of Health, Labour and Welfare Fukushima Labour Bureau: Submission state of “Employment status of foreign workers” in Fukushima (As of the end of October 2019)https://jsite.mhlw.go.jp/fukushima-roudoukyoku/newpage_00282.html
Enquiries: SBI Remit Customer Support Center
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