GMO-PG Expands into Digital-First Overseas Remittance and Receiving Business
~ Aiming to develop a service that completes the Internet, inexpensive fees, and receives money on the same day,
Basic Agreement with Queen Bee Capital to Collaborate on Infrastructure Business~

GMO Internet Group, which develops comprehensive payment-related services and finance-related services, announced today (Thursday, November 5, 2020) that GMO Payment Gateway, Inc. (TSE part: Securities Code: 3769, President & Chief Executive Officer: Issei Ainoura hereinafter referred to as "GMO-PG"), We have reached a basic agreement with Queen Bee Capital Co., Ltd. (Representative Director: SHENBO HUANG, hereinafter referred to as "Queen Bee Capital"), which provides overseas remittance and destination remittance (receiving) services, in the overseas remittance and destination remittance (receiving) infrastructure business.
Through this collaboration, GMO-PG aims to build a digital-first overseas remittance and receipt service that allows individuals and companies in Japan to send money overseas and receive remittances from overseas with "online completion," "low fees," and "same-day payment," and aims to provide it around spring 2021.

The market for person-to-person remittances from Japan Japan to overseas countries continues to grow, with an average annual growth rate of 10.7% from 2014 to 2019, and an 8.5% year-on-year increase in the amount of remittances between individuals in 2019 to 703 billion yen ^(*1). One of the reasons for this is that the number of foreign workers continues to increase year by year due to the acceptance of highly-skilled foreign human resources by Japan companies and the promotion of employment for people with Japan status of residence ^(*2). In addition, the value of imports and exports in 2019 amounted to 155.3 trillion yen ^(*3), and the market size of inter-company remittances and remittances to destinations is large.
However, overseas remittances and remittances received from overseas in Japan require complicated procedures such as identity registration and remittance instructions, and because of the involvement of multiple banks due to the mechanism, fees are high, and it may take more than one week to receive the money.
On the other hand, since April 2015, GMO-PG has been providing "GMO-PG Remittance Service" to domestic e-commerce and online service providers to efficiently and inexpensively perform refund and remittance operations. In recent years, as business activities in various industries have become borderless, there has been a demand for a service that minimizes man-hours and costs and enables speedy remittances to overseas accounts.
Against this backdrop, GMO-PG has reached a basic agreement with Queen Bee Capital, which provides overseas Remittance Service, to collaborate in the overseas remittance and receiving infrastructure business in order to develop a digital-first service that enables individuals and companies to send and receive money overseas easily, inexpensively, and in a short period of time.
GMO-PG is a new overseas remittance and receiving service that realizes "online completion", "low fees", and "same-day payment" for individuals and companies in Japan by utilizing the overseas Remittance Service "PayForex" and the destination Remittance Service "PayForex Incoming" system provided by Queen Bee Capital. We aim to provide it around the spring of 2021.