Information/Campaigns

2020/07/29

SBI Remit’s International Money Transfer Exceeds 1 trillion 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 1 trillion JPY.

 

Amidst the major trend of globalization, with the SBI Group’s mission of financial service provision to foreign residents expected to increase further, SBI Remit applied for registration as Funds Transfer Service Provider in accordance with the Payment Services Act enforced in April 2010 and launched international money transfer business in December 2010.

The number of foreign residents at the business launch was about 2,080,000 and has now increased to about 2,930,000 (*1) as of the end of last year, rise in foreign residents with aim to work is remarkable. This is because that companies actively employ foreign workers with backdrop of shrinking productive age population and shortage of manpower due to decreasing birth rates and an aging society.

 

Under this situation, SBI Remit has provided a money transfer services utilizing Distributed Ledger Technology with featuring speediness and reasonable fee let alone security, multilingual website (12 languages) and customer support enhancement such as handling inquiries for each language (e-mail, telephone, SNS), for secure and convenient money transfer environment provision to foreign residents in Japan by utilizing the latest financial technologies.

 

Furthermore, as a part of regional revitalization that SBI Group promotes through cooperation with regional financial institutions, SBI Remit has been involved in business cooperation with FUKUSHIMA BANK, CHIKUHO BANK, MICHINOKU BANK starting with cooperation with SHIMANEBANK in this January, and strives for that money transfer demands by foreign workers, valuable manpower for regional economy, are satisfied and that the environment for service usage with higher level of convenience is built.

Currently the number of registered members is more than 650,000, of whom over 90% have foreign citizenship. Consequently, our share of money transfer to home countries (*2) accounts for 34% among financial institutions in Japan, and transfer to Asian nations in particular reached 41%, an overwhelming share.

 

Because of recent COVID-19 spread, the number of foreign nationals recently entering Japan declined drastically on a temporary basis, however for restart of come and go the government takes steps to relax immigration restriction measures against controlled countries on businesses, students and sightseeing in named order, therefore it is expected that acceptance of foreign residents and foreign workers would move stably and rise in the medium to long term.

 

This is now the 10th year since our business commencement, and yet SBI Remit seeks further satisfaction of customer’s needs and plans new service provision including line-up and function improvement.

SBI Remit keeps striving for secure, safe, convenient and easy money transfer services for our customers.

 

*1 The Ministry of Justice: Number of foreign residents in Japan as of the end of 2019
http://www.moj.go.jp/nyuukokukanri/kouhou/nyuukokukanri04_00003.html

*2 Calculated referring to Bank of Japan statistical data (for October to December 2019) and SBI Remit performance value

 

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Enquiries: SBI Remit Customer Support Center

03-5652-6759

Reception Hours

Weekdays 09:00–18:00

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