Global IT fintech, Digital Wallet Corporation (DWC), has agreed a deal with Seven Bank, operating Seven-Eleven stores in Japan, to acquire its subsidiary and international money transfer service, Seven Global Remit.

DWC owns and operates Smiles Mobile Remittance (Smiles), known as Japan’s first and most popular mobile remittance application. The acquisition enables DWC and Seven Bank to redefine and improve international money transfer services and financial inclusion for foreign residents in Japan. Customers currently using Seven Global Remit’s service are scheduled to transition to Smiles sequentially. Seven Bank and Digital Wallet will promptly inform their customers regarding the service transition as soon as it is determined.

The alliance means that all Smiles customers gain access to Seven Bank’s extensive ATM network after the service transition. The end result will significantly enhance customer convenience. This partnership aims to establish Smiles Mobile Remittance as the premier choice for foreign residents in Japan. Specifically, it provides unparalleled access to the country’s largest ATM network.

Foreign resident numbers in Japan set to rise

The two companies forecast an increase in the number of foreign residents living in Japan. This results from the anticipated easing of travel restrictions post Covid. In addition, administrative support aims to address labour shortages accompanying the decline in the working-age population.

“We started Smiles with the ambition to offer a fair, fast and affordable remittance service for our hardworking migrant workers. And because we made it happen, we’ve been receiving mass support from our customers and now we’re number one in Japan,” said DWC Founder and CEO Eiji Miyakawa.

We’re very grateful that Seven Bank approached us to work with them. It goes to show how much they trust our expertise in IT and fintech. We are even more motivated to help the growing number of migrant workers in Japan. Through this alliance, we strive to deliver a better international society with the Seven Bank team.”

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By GlobalData