Cash Transfer firm I-Remit Inc. recently obtained regulatory approval to set up shop in Japan, thereby expanding its overseas network.
In a disclosure to the Philippine Stock Exchange on Friday, I-Remit said it had secured the authority to operate in Japan under its Payment Services Act (PSA), which was passed in April 2010. Previously, only banks licensed under the Banking Act of Japan were permitted to engage in money remittance transactions.
I-Remit said it had received the approval of the Kanto Local Financial Bureau of Japan for the registration of K.K. I-Remit Japan (KKIJ), its wholly owned subsidiary, as a fund transfer company effective December 7 this year.
KKIJ has also been registered with the Financial Services Agency on November 22 in accordance with the requirements of the PSA. Under the PSA, foreign money remittance business operators like I-Remit as well as Japanese nonbanking entities can now engage in money transfer business to a limited extent.
The PSA contains regulations regarding the protection of customers in the event of an operator’s bankruptcy, the secure control of confidential information and proper supervision of agents or operators.—Doris C. Dumlao