Information/Campaigns

2020/01/31

SBI Remit’s International Money Transfer Service Provision in Partnership with SHIMANE BANK – First Agreement with Bank for SBI Remit –

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 entered into partnership agreement with THE SHIMANE BANK, LTD. (Head office: Matsue-shi, Shimane, President: Yoshio Suzuki, hereinafter “SHIMANE BANK”) in regard to handling of international money transfer services which SBI Remit provides.

◼ Background and Purpose

With a productive-age population shrinking because of failing birthrate and aging society and labor shortage based on economic climate heading for recovery, the number of foreign workers increases significantly. The number of foreign residents in Japan reached 2,730,000 as of the end of 2018 (*1), including more than 1,460,000 foreign workers that hits a record high since the obligation of reporting on foreign employment conditions was enforced in 2007.(*2) The numbers of foreign residents and workers keep rising in local regions, and in Shimane increasing ratio of foreign residents is a 15.3% YoY that is the highest in all prefectures and continuous growth is expected.

SBI Remit sets financial services provision to foreign residents as a mission centered on money transfer services and achieved an increase in money transfer results by provision of convenient money transfer services utilizing new financial technologies such as U.S. Ripple Distributed Ledger Technology. At the same time, SHIMANE BANK faced a difficult situation to meet customers’ needs as the foreign exchange business including foreign remittance was terminated as of the end of March 2019, despite there are needs for foreign remittance because companies in the region have many foreign employees who are SHIMANE BANK account holders for salary deposit.

Under this situation, the partnership agreement is concluded for the mutual utilization of the two parties’ network and knowhow may realize high value-added service provision to meet the customers’ needs and development of new market for SBI Remit.

This is the first case for SBI Remit to enter into agency agreements with bank.

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.