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Finance

Japan's Seven Bank to offer mobile remittances with Singapore's DBS

New app to start with Vietnam this year, with potential to cover 50 countries

Seven Bank's transfer app will let consumers wire money using the lender's 25,000 ATMs in Japan.

TOKYO -- Japan's Seven Bank said Wednesday that it has partnered with top Singaporean lender DBS Bank to provide an app-based international money transfer service.

The wires will be processed over DBS Bank's network, which covers 50 nations, chiefly in Southeast Asia. Seven Bank subsidiary Seven Global Remit aims to first launch the service for Vietnam this winter.

Seven Bank -- part of retail group Seven and i Holdings, the parent of top convenience store chain 7-Eleven -- aims to capture demand from foreigners living in Japan.

To wire money to an overseas banking account, a user creates an account on the proprietary app, then adds money through any of the 25,000 Seven Bank ATMs across Japan. Transfer fees have yet to be decided, the lender said.

Users will not be required to hold a banking account with the Japanese lender. Seven Bank will work with DBS and other partners on measures to prevent money laundering.

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