WorldRemit Launches Online Money Transfers in Japan
Bringing the offline remittance industry to mobile, WorldRemit's arrival in Japan underlines its status as a major player in the global FinTech revolution.
Japan is the third largest economy in the world by GDP and has a supportive regulatory environment for financial services. The number of foreign workers living in Japan exceeded 1 million for the first time in 2016. According to the WorldBank, these migrants sent $4 billion in remittances to family and friends abroad in 2015 alone.
With WorldRemit, people in more than 50 countries can send instant and secure transfers to more than 140 destinations. Known as the ‘WhatsApp of money’, WorldRemit makes sending money as easy as sending an instant message.
Ismail Ahmed, CEO at WorldRemit, comments: "Japan and the broader Asia Pacific region are important parts of our global growth strategy. Remittances are crucial to many people living in this region, and we are very pleased to be able to offer our digital services to customers in Japan. This adds to our current send markets in this region, which provides a very solid base for further expansion into neighbouring countries.”
Tsuyoshi Ijichi, Country Director for Japan, comments: “Japan represents a key market for WorldRemit. We are here to serve the many migrant communities in Japan who send money, offering them more choice and a safer, faster and lower cost service than legacy competitors”.
WorldRemit customers currently send over 580,000 transfers every month.
WorldRemit is changing the way people send money.
It’s easy – just open the app or visit the website – no more agents.Transfers to most countries are instant – send money like an instant message. More ways to receive (Mobile Money, bank transfer, cash pickup). Available in over 50 countries and 140+ destinations. Backed by Accel Partners and TCV – investors in Facebook, Spotify, Netflix and Slack.
WorldRemit’s global headquarters are in London, UK with regional offices in the United States, Canada, South Africa, Singapore, the Philippines, Japan, Australia and New Zealand.