Digital financial services provider Remitly Global has expanded its footprint in the Asia-Pacific region to include Japan and New Zealand.
So far, Remitly, which provides financial services to immigrants and their families in over 170 countries, claims to have helped customers send $2.5bn in remittance volume from APAC region.
The company added that it is set for further growth given that access to its platform becomes available to millions of new customers in this region.
As per the World Bank figures, remittances from Japan have doubled since 2015 to $8.25bn in 2020.
Furthermore, personal remittances from New Zealand have almost quadrupled over the last two decades, totalling to around $875m.
Following Remitly’s move in the APAC region, customers in Japan and New Zealand will be able to send money across over 150 corridors leveraging the company’s mobile-centric suite of products and global network.
Remitly co-founder and CEO Matt Oppenheimer said: “Remitly is proud to serve immigrants living in Asia and the greater Pacific region and to leverage the investments we’ve made in our global payments platform to be the trusted provider for customers sending money home to their loved ones.
“We are on a mission to transform international payments. Helping customers send more than $2.5 billion from the region to date is a testament not only to strong demand, but also to the world-class customer experience Remitly provides, making the process of getting money home faster, simpler, and more reliable.”
Remitly executive vice president for international Pankaj Sharma said: “Remitly’s strategic approach to expansion leverages the significant payments infrastructure we’ve built over more than a decade and is underpinned by our commitment to customers around the world.
“Establishing business in Japan and New Zealand will open key corridors as we thoughtfully expand our platform to meet increasing customer demand for trusted financial services.”
The company’s disbursement network reaches 3.9 billion bank accounts, 705 million mobile wallets, 410,000 cash pickup locations. It also offers home delivery in select locations.