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.
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