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|Remittance transfer will be easier thanks to advanced application services|
DBS Bank has lately signed a memorandum on the deal to provide its money remittance platform to Japan’s Seven Bank. Thanks to the agreement, DBS Bank will reduce costs for its retail customers who will be able to send money abroad at any time.
Vietnamese expats in Japan who would like to transfer money to Vietnam need to register their accounts on the application of Seven Global Remit. They would be able to recharge their money to any ATM belonging to the system of 25,000 ATMs of Seven Bank in Japan.
According to the Ministry of Justice of Japan, Vietnamese is ranked as the third biggest community in Japan, following China and Korea. Additionally, Vietnam’s remittance market is known as the second largest in Southeast Asia and the ninth in the world, as per the World Bank.
In its latest report in April and May, the World Bank forecast that Vietnam and Southeast Asian countries will witness a fall of 13 per cent in remittances this year due to the global recession, which will still be lower than the worldwide 20 per cent.
Statistics portal Statista also estimated Vietnam’s remittance e-market at $22 million in 2019. It is anticipated that the annual growth will reach 21.5 per cent from 2020 to 2023, resulting in $47 million in 2023.
Last year, the World Bank revealed that the amount of remittances reached $16.68 billion, increasing by 6.4 and 13.2 per cent compared to the $15.9 billion in 2018 and $13.8 billion in 2017, respectively. Over the past few years, remittances sent to the country has gained 10-15 per cent annually.