Digital Wallet Group acquires REPL

The firm plans to expand mobile remittance technology in the country.

Japan-based IT and fintech company, Digital Wallet Group, has acquired licensed remittance and foreign exchange company RediMoney Express Pte Ltd (REPL) enabling it to gain a foothold in Singapore 

REPL is a subsidiary of Asia United Bank, a Philippine-based and publicly listed universal commercial bank. DWG's subsidiary, Digital Wallet Corporation, is the creator of Japan's first and most popular mobile remittance application, Smiles Mobile Remittance. 

According to the firm, this acquisition will allow it to expand Smiles in the Asia Pacific, serve more customers, and boost its market presence in the region. 

The Monetary Authority of Singapore has given its approval for DWG's acquisition.

"Our entry into Singapore through the acquisition of RediMoney Express Pte Ltd is the fruition of a strong partnership with Asia United Bank. Furthermore, having a presence in Singapore is strategic to our global expansion plans in building traction with a sizable migrant worker community. To serve these customers, we aim to build our Singapore operations and hire roles in customer service, sales, and marketing within the next two years and from there, fast-track our expansion into North America and Europe,” said DWG Founder and CEO Eiji Miyakawa.

Singapore was the second-largest source of remittances to the Philippines in 2020, after the United States. It contributed 7.2%, higher than Japan's 5.3% and the United Arab Emirates' 4.3%. Moreover, the amount of cash remittances by overseas Filipino workers based in Singapore has increased over the years, from $1.4b in 2014 to $2.15b in 2020.