ITOCHU Announces Entry into Salary Prepayment Service

May 15, 2019

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter “ITOCHU”) announced today that it will enter the salary prepayment service business through MONEY COMMUNICATIONS INC. (headquartered in Minato-ku, Tokyo; Shoichi Onimaru, President; hereinafter “MCI”), a wholly owned subsidiary of ITOCHU that operates financial and related businesses.

Using this salary prepayment service, employees at a company are able to receive their salary at any time without waiting for a specific payday by submitting an application via smartphone. This service is rapidly expanding mainly among young people at a time when work styles are diversifying. The introduction of this service is progressing given that it will make a significant contribution to the securing of human resources for companies that are experiencing a labor shortage.

Under the concept of solving the labor shortage issue and invigorating companies and employees, MCI will provide this service to a broad range of customers under the name “prepay pocket” by building a safe and secure salary prepayment scheme with fewer introductory burdens than other companies that provide similar services, taking advantage of the knowhow and networks of financial services for consumers that the ITOCHU Group has cultivated for years.

For the development of business, ITOCHU will also promote the introduction of the service at companies on a nationwide scale in cooperation with financial institutions across the country that have endorsed the concept as well as banks that invested in GL Connect Corporation, which operates the finance business in the ITOCHU Group, and its partner companies in order to promote the service as an initiative to invigorate local economies.

ITOCHU has decided to form its first business partnerships with major regional banks such as Ogaki Kyoritsu Bank, Kagoshima Bank, Shonai Bank, Hiroshima Bank and Hokuto Bank (seven regional banks and one Shinkin (credit union) bank). It plans to form a partnership with GMO Aozora Net Bank, which aims to become the top technology bank. ITOCHU will continue to increase its number of business partners.

ITOCHU has been working on the acquisition and provision of new and comprehensive financial functions that will offer a range of products and services, including remittance, settlement and insurance in accordance with customer needs. Positioning the salary prepayment service as one of the most important businesses that will play a role in the next generation financial service, which is not only able to enhance the comprehensive financial service lineup, but also has a customer base mainly among young people as a new strategic move for the financial business, ITOCHU will accelerate its business development with a view toward future overseas development mainly in Asia, in addition to Japan.

Overview of MONEY COMMUNICATIONS INC. (previously GIT INC.)

Address 2-5-1 Kita-Aoyama, Minato-ku, Tokyo
Representative Shoichi Onimaru
Established October 2014
Business General financial and related services,
salary prepayment service (prepay pocket)

Salary Prepayment Service