#Japan #Tokyo #Seven Bank #Queen Bee Capital #PayForex

Queen Bee Capital Partners with Seven Bank to Enhance Remittance Services

In an era of increasing foreign workforce presence, Queen Bee Capital Co., Ltd. has announced a collaboration with Seven Bank, launching enhanced overseas remittance service "PayForex" starting May 11. This partnership is pivotal in addressing the growing need for remittances among foreign residents, driven by Japan's rising population of foreign workers, students, and residents, which is expected to exceed 2.5 million by 2025.

The new service will utilize Seven Bank's extensive ATM network, comprising over 28,000 units across Japan, allowing users to make cash deposits and transfer money internationally via the PayForex mobile app easily. By simply scanning a QR code at any Seven Bank ATM, users can initiate overseas money transfers, available 24/7, providing a much-needed financial infrastructure that caters to their daily living needs.

Background of the Partnership

The collaboration between Queen Bee Capital and Seven Bank emerges from Japan’s urgency in addressing labor shortages, which has led to an influx of foreign workers. The need for fast and cost-effective remittance solutions has intensified, prompted by these workers’ desire to send money back home safely and conveniently. The focus is not merely on low-cost and speedy transfers but also on establishing an accessible infrastructure for everyday use.

By integrating a widely-used ATM network with a multi-language smartphone application, users are empowered to navigate barriers of language, time, and location in their pursuit of money transfers, thus achieving a seamless remittance experience.

Market Growth Potential

The global cross-border payment market is witnessing substantial growth, projected to expand from $371.59 billion in 2025 to $727.74 billion by 2034, with an annual growth rate of 7.9%. This surge is largely spearheaded by digital innovations in the Asia-Pacific region, among which Japan stands out due to its increasing number of foreign residents who are driving demand for retail remittance services.

As e-commerce continues to evolve and consumers increasingly seek convenient financial solutions, the appeal for international remittance services broadens to both individuals and businesses. Japan anticipates sustained growth in this sector, fueled by the foreign workforce.

User Benefits from the Collaboration

The partnership brings notable advantages for users of PayForex:

• - Cardless Smart Deposits: Users can deposit cash directly into their accounts by scanning a QR code with the PayForex app, eliminating the need for deposit cards.
• - Extensive Access Points: With over 28,000 Seven Bank ATMs nationwide, customers have unparalleled access to remittance services.
• - Flexible Timing and Location: The service is accessible at all hours, overcoming limitations imposed by time and geography, providing urban-equivalent services even to those in rural areas.
• - Seamless Daily Transactions: The setup allows users—foreign workers and students—to process money transfers conveniently during their regular activities, such as visiting convenience stores.

Future Prospects

Looking ahead, Queen Bee Capital aims to broaden the availability of reliable international remittance services for all individuals, including Japanese citizens and the increasing demographic of foreign residents. The partnership with Seven Bank acts as a cornerstone for merging physical ATM facilities with digital remittance capabilities. The firm seeks to enhance its network, particularly focusing on Asian markets while expanding use cases for its innovative services.

About Seven Bank

• - Name: Seven Bank, Ltd.
• - Established: April 10, 2001
• - CEO: Masaki Matsuhashi
• - Location: Marunouchi, Chiyoda, Tokyo

About PayForex

Launched in 2011, PayForex utilizes unique international remittance channels to securely send funds globally, offering peace of mind through protective measures under the Funds Settlement Act. With over 40 currencies available for transfers to more than 200 countries, the service prides itself on fast, low-cost, and convenient transactions.

About Queen Bee Capital

Queen Bee Capital is a fintech firm focused on international money transfer services. Since its registration in 2011, it has leveraged technological expertise and global financial insights to meet the demands for cross-border transactions effectively.

• - Company Name: Queen Bee Capital Co., Ltd. Website
• - Founded: September 2007
• - CEO: Shenbo Huang
• - Company Capital: ¥576,905,000
• - Location: Roppongi Grand Tower, Minato, Tokyo
• - Services: Money transfer operations, e-commerce site management, and payment information solutions development.

This collaboration marks a significant development in the international remittance landscape in Japan, where convenience and accessibility are more crucial than ever.