Paygate launches remittance service from Japan via Queen Bee Capital of Japan to Korea.
Queen Bee Capital, established in 2007, is a company that provides remittance services in Japan and is headquartered in Tokyo. In 2017, Queen Bee Capital formed a partnership with PayPal, a U.S. remittance service company, for the U.S. remittance, followed by a partnership with PayGate in March 2019.
Queen Bee Capital’s services do not require a separate exchange. If the customer makes a deposit in the local currency, Queen Bee Capital will automatically exchange and send money.
In addition, Queen Bee Capital now offers free transfer fees to more than 600,000 customers.
For PayGate’s service, the limitation on personal transmission has been limited to 1 million KRW per transfer, 3 millions KRW per day, and 30 millions KRW per year. For business remittance, the amount limit is not defined.
Instead of using traditional financial companies, an overseas remittances of less than a certain amount can be transferred by an authorized licensed company such as Queenbee.
Transfer limitation now is $3,000 per time and $30,000 per year, and in the second half of this year, it will be raised to $5,000 and $50,000 respectively. In 2016, the amount of overseas remittance market amounted about 575 billion dollars (around 646 trillion KRW, from the World Bank survey).
“Although the remittance service from Japan to Korea has been in high demand, the business of cross border payments from Japan to Korea has not been widely promoted, which brings about the collaboration between PayGate and Queen Bee to meet the demands of the remittance Industry. We plan a stable standard of international remittance service between Korea and Japan through the cooperation with Queen Bee Capital,” said Ms. Soyeong Park, CEO of PayGate.
Meanwhile, in 2017 and 2018, Japan has been actively promoting the remittance service in order to ease regulations hurdles related to remittance and nurture the service of remittance for fostering Fintech companies.