SBI Remit’s International Money Transfer Service Provision in Partnership with CHIKUHO 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 CHIKUHO BANK, LTD. (Head office: Kurume-shi, Fukuoka, President: Seiichiro Sato, hereinafter “CHIKUHO BANK”) in regard to member referral of international money transfer services that SBI Remit provides.
◼ Background and Purpose
Against the backdrop of productive age population decrease due to an aging population and low birthrate and shortage in labor, the number of foreign workers increases year by year and the presence of foreign workers in labor market increases steadily, taking about 60% (*2) of 2,830,000 foreign residents (*1) as of the end of June 2019.
Also for rural areas, foreign workers’ role as valuable labor force in the local economy increases, and in Fukuoka prefecture the number of foreign workers is 52,530 (*3) as of the end of October 2019, that is a 13.5% increase YoY and the number of business establishments have foreign employees is 8,850, that is a 16.1% increase YoY exceeding national average 12.1% (*2) with great force.
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, CHIKUHO BANK has established strong trust relationship and network with regional companies through community-based business for years centering on Fukuoka prefecture. As a financial institution promoting “community-based finance”, it is expected to respond money transfer needs from foreign workers in Fukuoka prefecture, mainly technical interns from various nations including Vietnam, China and Philippines as well as comprehensive support of regional industry including new service provision to companies that have foreign employees in order to improve their convenience.
Under such circumstance, the partnership agreement was concluded based on understanding that mutual use of both parties’ networks and advantages may realize CHIKUHO BANK high-value-added service provision to meet its customers’ needs and secretarial workload decrease regarding international money transfer and SBI Remit new sales channel development.
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 CHIKUHO BANK
Company Name : THE CHIKUHO BANK, LTD.
Head Office : 2456-1, Suwanomachi, Kurume-shi, Fukuoka
Established : December 1952
Representative : President Seiichiro Sato
Capital : JPY 8,000 million
Business Outline : Banking
(*1) The Ministry of Justice: Number of Foreign Residents as of the end of June 2019
(*2) Ministry of Health, Labor and Welfare: Filing state summary of “Employment Situation of Foreigners” (as of the end of October 2019)
(*3) Ministry of Health, Labour and Welfare, Fukuoka Labour Bureau: Submission status of “Employment status of foreign workers”-form in Fukuoka (As of the end of October 2019)
Enquiries: SBI Remit Customer Support Center
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(excluding New Year and vacation dates set by SBI Remit)