Digital Wallet Merges with Seven Bank Subsidiary for Embedded Remittance

On April 2, 2024, Japanese fintech Digital Wallet completed its merger with Seven Global Remit, a subsidiary of Seven Bank that operates Japan's largest ATM network through its 7-Eleven convenience store locations. The merger integrates Digital Wallet's Smiles Mobile Remittance service with Seven Bank's extensive ATM infrastructure, enabling users to access mobile remittance services at physical Seven Bank ATM locations. Seven Global Remit contributed its remittance licensing and banking infrastructure, while Digital Wallet brings its mobile-first technology platform and customer base.

The deal represents an embedded finance model where fintech remittance capabilities are distributed through an established banking and retail network. For customers, the merger simplifies cross-border remittance by combining mobile convenience with physical cash-in and cash-out capabilities at thousands of ATM locations. The partnership exemplifies how traditional banks and fintechs can merge operations to create integrated financial service experiences.