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Japan's SBI Holdings, MoneyGram team up in intl fund remittances

Thursday, 04 March 2010 11:40

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Source: Trading Markets

Japan's SBI Holdings Inc. said Wednesday that it will launch a low-fee international money remittance service as early as this summer in cooperation with U.S. firm MoneyGram International Inc.

 The move will follow the April implementation of the funds settlement law, which will open the door for nonfinancial firms to offer money transfer services.

SBI Holdings plans to offer the international money transfer service via a subsidiary to be established shortly under the name of SBI Remit Co.

This new unit will let customers send money to 190 countries whenever they want over the Internet. The service will cost half or less than the several thousand yen now charged by banks for international money transfers.