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SBI Remit Co., Ltd (Head office: Minato-ku, Tokyo, Representative Director: Nobuo Ando, hereinafter “SBI Remit”), an international remittance service business operator, announces that it has entered into a business partnership agreement with The Gamagori Shinkin Bank (Head office: Gamagori-shi, Aichi, President: Tomohito Takeda; hereinafter “Gamagori Shinkin Bank”) and will begin providing services from July 1, 2022.

■ Background and Purpose

Both the demand for and the presence of foreign workers in the Japanese economy are steadily increasing against a backdrop of labor shortage, due to productive-age population decrease associated with Japan’s declining birthrate and aging society. The number of foreign workers continues to increase year by year, with foreign workers accounting for around 60% (*2) of 2,770,000 foreign residents (*1) in Japan as of the end of December 2021.

Aichi Prefecture, the center of the Chukyo Industrial Area, is known as the home of a number of major manufacturers, and a wide variety of companies in the agriculture, forestry, fisheries, and commerce sectors are actively seeking foreign workers. Against this backdrop, both the number of foreign workers and the number of companies employing foreign nationals in Aichi Prefecture have reached all-time highs. Around half of these foreign workers are employed in the manufacturing industry, which is the primary industry in the region (*3).

Although the recent worldwide spread of COVID-19 led to prolonged restrictions on entry into Japan, these restrictions are now gradually being relaxed, and the number of foreign workers hired by companies in the region is projected to increase again to pre-pandemic levels, due to the need to secure and train more skilled workers.

SBI Remit’s mission is to provide highly convenient international remittance services to foreign residents in Japan, primarily in the form of remittances to foreign residents’ home countries. We are actively utilizing advanced financial technology, such as US Ripple’s distributed ledger technology, to improve customer convenience by providing affordable, speedy remittance services, customer support in 12 languages, and other services.

Meanwhile, Gamagori Shinkin Bank is a financial institution that strives to contribute to the development and prosperity of the local economy and society through its principles of “hometown spirit” and “sound management.” The bank works to promote collaboration and cooperation towards regional development as well as provide support for overseas business. The Bank operates not only in Gamagori City but in a total of 12 municipalities, spanning five municipalities in Higashimikawa, including Nagoya and Toyohashi—major urban centers in the Chukyo region—and seven municipalities in Nishimikawa. Foreign residents account for 4.3% (93,024) of the total population in these 12 municipalities, with many residing on a mid- to long-term basis. With the region facing a need to evolve into a multicultural society, Gamagori Shinkin Bank, with its aim of “working together with the community,” has an important role to play in the local economy.

Under such circumstances, this business partnership was formed as mutual use of both parties’ network and strengths would allow Gamagori Shinkin Bank to offer highly convenient international money transfer services that deliver convenience for foreign nationals working at local companies, while enabling SBI Remit to develop new markets.

With our customers’ needs as the top priority, the Company continues to provide new values and maintain its customer-centricity.

（*1） Ministry of Justice, Immigration Services Agency of Japan website: Number of foreign residents as of the end of December 2021

If you have any questions, please contact our customer center.