Japan’s Seven Bank Ltd is expanding its international presence by establishing its fourth overseas group company in Malaysia. The company plans to introduce
its first ATMs in the country during the fourth quarter of 2024. This move highlights Seven Bank’s strategy to tap into promising markets with growth potential.
For those who are unfamiliar, Seven Bank is a subsidiary of Seven & I Holdings Co Ltd. It operates primarily online and manages ATMs located in 7-Eleven and Ito Yokado stores in Japan. The bank's business model allows customers with accounts at certain banks to perform transactions at Seven Bank ATMs for free, while it charges handling fees to customers from other banks.
In its official statement, Seven Bank identifies Malaysia as a promising market due to its increasing cash circulation and low ATM density. With only 446 ATMs per million people, Malaysia’s 15,000 ATMs fall short of demand, making it an attractive market for Seven Bank’s expansion.The bank notes that cash remains a dominant payment method in Malaysia, with over 70% of the population using cash daily.
Seven Bank plans to leverage 7-Eleven convenience stores in Malaysia as strategic locations for its ATMs, particularly in areas with limited banking infrastructure. The initial deployment will focus on Selangor, with ATMs being installed between October and December 2024.The new subsidiary, Abadi Tambah Mulia Internasional Malaysia, based in Kuala Lumpur, will have a capital investment of RM13.2 million. Seven Bank holds a 50.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Japan’s Seven Bank establishes presence in Malaysia, plans to deploy ATMs in 7-Eleven storesPETALING JAYA: Japan’s Seven Bank Ltd has established its fourth overseas group company in Malaysia, after entering the United States, Indonesia and t...
Read more »
Boost Bank launched, Malaysia's 1st home-grown digital bankBoost Bank, Malaysia's first home-grown digital bank is now live for everyone. You don't need an existing bank account to open a Boost Bank Savings Account.
Read more »
AEON Bank launches as first Islamic digital bank in MalaysiaStarting with personal banking services before moving on to small businesses Points can be converted to cash and credited to customer’s AEON Bank account AEON Bank (M) Bhd announced its public launch on 26 May, making its mark as Malaysia’s first Islamic digital bank.
Read more »
AEON Bank officially launches Malaysia's first Islamic digital bankTOKYO: The proprietor of the beloved Kame no Yu bathhouse in Kanagawa prefecture, near Tokyo, has announced the cessation of operations by the end of May, citing untenable harassment and other nuisance behaviour by customers.
Read more »
AEON Bank Joins Digital Landscape – Now Malaysia’s First Islamic Digital BankAEON Bank offers personal banking digital product services such as Savings Account called Savings Pots.
Read more »
AEON Bank officially launched today, Malaysia’s first Shariah-compliant digital bankAEON launched AEON Bank (M) Berhad, the first Shariah-compliant digital bank in Malaysia that offers various personal digital banking services and various ben
Read more »