Queen Bee Capital and Joyobank Join Forces to Enhance Remittance Services for Foreign Workers in Japan

Collaboration Between Queen Bee Capital and Joyobank

In an important move to support foreign workers in Japan, Queen Bee Capital and Joyobank have officially signed a business collaboration agreement. This partnership focuses on promoting financial inclusion and supporting the lives of foreign residents in Japan, specifically targeting remittance services through Queen Bee Capital's platform, PayForex. Starting July 21, 2023, users will have enhanced access to overseas remittance services directly via Joyobank's website.

Overview of the Partnership

Under this agreement, Joyobank will refer customers wishing to engage in small remittances (under 1 million yen) to PayForex. Queen Bee Capital aims to develop a structured remittance service that caters to the diverse lifestyles of users, offering a streamlined, fast, and secure process to send money overseas. To incentivize this transition, customers opening a PayForex account through Joyobank will receive a complimentary coupon covering their first remittance fee.

Addressing the Needs of Foreign Workers

As of October 2023, the number of foreign workers in Japan has reached approximately 2.57 million, reflecting an annual increase of 11.7%. In Ibaraki Prefecture, where Joyobank is based, nearly 67,500 foreign workers contribute critically to the local economy, marking a 9% increase from the previous year. The proactive reception of foreign talent is evident, with 28.5% of companies in Ibaraki employing foreign labor, surpassing the national average of 24.7%.

This landscape has generated a pressing demand for effective financial services for these individuals, particularly for those needing to send small remittances quickly, cost-effectively, and securely. Thus, the collaboration is a timely response to improve convenience and encourage financial inclusion for foreign workers.

Future Developments

The partnership is designed to increase awareness and utilization of overseas remittance services among foreign workers employed at Joyobank's client companies. Queen Bee Capital aims to attract new, loyal customers while Joyobank seeks to enhance its commitment to financial inclusion. Queen Bee Capital remains dedicated to providing reliable overseas remittance services for both Japanese residents and foreigners residing in Japan, supporting countries reliant on remittances through a robust service network.

With a focus on the Asian market, Queen Bee Capital is poised to continue enhancing its offerings with unique perspectives that add significant value.

Highlights of PayForex Service

Launched in 2011, PayForex is a secure and efficient international remittance service utilizing a proprietary international payment channel. This service thrives on three standout features: 1) Speedy transactions, ensuring funds arrive promptly in bank accounts or e-wallets, 2) Competitive transfer fees, typically between 0 and 2,000 yen, particularly advantageous for amounts exceeding 600,000 yen where fees are waived, and 3) Safety, with the assurance that remittance funds are protected under the Payment Services Act.

About Queen Bee Capital

Queen Bee Capital is a fintech company that specializes in international money transfers. Since its registration in 2011, the company has prioritized the demand for cross-border financial transactions, delivering innovative financial services with a commitment to global financial knowledge and advanced IT capabilities.

Company Details

- Name: Queen Bee Capital Co., Ltd.
- URL: www.queenbeecapital.com
- Established: September 2007
- CEO: Shenbo Huang
- Capital: 576,905,000 yen
- Location: Roppongi Grand Tower, Minato-ku, Tokyo
- Business Scope: International money transfer, e-commerce operation, and payment information solutions.
- Registration: Kanto Finance Bureau No. 00010
- Affiliations: JASDA and Fintech Association Japan.

About Joyobank

Joyobank, established in 1935, plays a vital role in the financial ecosystem of Ibaraki Prefecture. With a strong focus on customer service and community, Joyobank endeavors to meet the growing needs of foreign residents through strategic partnerships such as this one.