SBI Remit’s International Money Transfer Exceeds 900 Billion JPY Cumulatively
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 the cumulative total of overseas money transfers (JPY equivalent) exceeded 900 billion JPY.
SBI Remit started its business at the end of December 2010 putting financial service provision focusing on money transfer services for foreign residents in Japan as its main mission. The number of foreign residents increased to approximately 2,930,000 as of the end of last year (*), which was about 2,080,000 at the time of business launch. Increase ratio of Status of Residence (YoY) is a 220.0% increase in “Nursing Care”, a 34.9% increase in “Highly Skilled Professional” and a 25.2% increase in “Technical Intern”, which shows striking increase of foreign residents with purpose of employment. One of the factors may be strengthening of foreign worker recruitment by companies based on depopulation of productive age because of low birthrate and aging population and shortage in labor.
Further increase of foreign residents is expected based on the Revised Immigration Control Act enforced on 1st April 2019 and the government published “Comprehensive Measures for Foreign Human Resources Acceptance and Coexistence” in which financial service are mentioned as one of the fields that would require supports of foreigners to feeling securer.
In response to the above, SBI Remit addresses various tasks including money transfer service provision utilizing DLT (Distributed Ledger Technology) has features of swift arrival and reasonable cost and multilingualization improvement of website (expanded to 12 languages), in order to provide higher convenient services to foreign residents.
Furthermore, despite of needs of money transfer to hometown by foreign workers in regional areas, financial institutions in such areas downscale or cease foreign exchange services for individual customers such as international remittance one after another. Under this situation, SBI Remit pursues secure and convenient environment of money transfer for foreign workers, by promoting partnership with regional financial institutions actively.
Constantly having customer’s demands first, SBI Remit strives for “New Value Provision” and “Realization of Customer-Centric Principle” that are SBI Group’s mission, thorough provision of money transfer service having secure also higher leveled convenience making full use of the latest financial technologies.
* The Ministry of Justice: Number of foreign residents in Japan as of the end of 2019
Enquiries: SBI Remit Customer Support Center