Information/Campaigns

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, has concluded a business partnership agreement with Hamamatsu Iwata Shinkin Bank (Head office: Hamamatsu-shi, Shizuoka, President: Kenichiro Mimuro hereinafter “the Bank”) in regard to member referral of international money transfer services that SBI Remit provides, and the service is scheduled to launch on July 12, 2021.

 

 

■ 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 2.9 million foreign residents (*1) as of the end of June 2020. Today, the foreign workers are essential in Japanese economy and it is much expected that such foreign workers would fill the labor shortage of the regional economy. While immigration restrictions have been maintained under the current global COVID-19 epidemic, the Japanese government starts easing the restriction gradually balancing it with COVID-19 spread prevention, thus international remittance needs are also expected to increase in the mid-to-long-term.

 

SBI Remit sets financial service provision centering on remittance service to foreign residents as a mission and makes continuous efforts for improvement of service usability such as financial technology introduction utilizing US Ripple’s distributed ledger technology with features of speedy transfer and reasonable fees and multilingual (12 languages) support enhancement.

Meanwhile, the Bank has a mission to play a role as a leader in regional economic development. In addition to providing customer value, the Bank is working with concrete measures to solve social issues that are widely rooted in the local community. In Shizuoka prefecture, where the Bank is located, manufacturing industry accounts for one-third of the prefecture’s GDP and boasts the nation’s top market share in transportation machinery such as motorcycles and musical instruments. Many of these local manufacturers employ foreign workers and the number of which is expected to increase in the future.

 

Under such circumstance, the partnership agreement was concluded based on understanding that mutual use of both parties’ networks and advantages may realize the Bank international money transfer service provision for local companies to resolve labor shortage and expand their business overseas 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.

 

 

(*1) Ministry of Justice, Immigration Services Agency of Japan website: Number of foreign residents as of the end of June 2020

http://www.moj.go.jp/isa/publications/press/nyuukokukanri04_00018.html

(*2) Ministry of Health, Labour and Welfare: Filing status summary of “Foreign workers employment situation” (As of the end of October 2020)

https://www.mhlw.go.jp/stf/newpage_16279.html

 

Enquiries: SBI Remit Customer Support Center

 03-5652-6759 (English,Tagalog)

Reception Hours

Weekdays 08:00–22:00

Weekends and national holidays 12:00-21:00

(excluding New Year and vacation dates set by SBI Remit)