Tokyo, Japan–November 9, 2018–Sompo Holdings, Inc. (head office: Shinjuku, Tokyo, Group CEO & President: Kengo Sakurada, hereinafter “Sompo Holdings”) has announced a business alliance with BitPesa, leading digital foreign exchange platform and treasury solution based in Africa that leverages blockchain settlement to significantly lower the cost and increase the speed of business payments to and from frontier markets, including international remittances across Africa and Europe. Sompo Holdings has also announced an investment in BitPesa. Together, the firms aim to increase global trade and promote the digitization of international financial services.
As Sompo transitions into an era in which people, goods, data, and services move actively across national borders, international remittance and cross-border payments are playing an increasingly pivotal role in supporting these activities financially. Expensive international remittance fees and lengthy processing times are serious challenges facing the market today. Resolving these obstacles and simplifying cross-border payments will facilitate global trade and contribute to macro-economic development.
Sompo Holdings is engaged in efforts to resolve social issues by developing businesses that contribute to security, health, and wellbeing. Furthermore, Sompo was very impressed with BitPesa’s positioning with deep infrastructure across the continent to develop and distribute financial products. At the same time, BitPesa is rapidly scaling across a number of markets, including the entire African continent, Europe, and the Middle East, so they are rapidly expanding its customer base and service coverage. Together, Sompo Holdings and BitPesa believe that by using virtual currencies, which are quickly being adopted around the globe, it will be possible to resolve the problems of expensive exchange fees and reduce long processing times. With this in mind, the firms plan to revolutionize the way businesses and individuals make financial transfers across borders.
With the addition of Sompo Holdings as a shareholder, BitPesa has gained international credibility, geographical presence and customer reach. Sompo Holdings will utilize BitPesa’s technology and, through various pilot programs related to treasury and settlement services, seek to enhance its presence in the international remittance market while applying the same technology to the insurance sector.
About Sompo Holdings
SOMPO is one of the top three insurers in Japan and has a global network of businesses. Listed and headquartered in Japan the company engages in the provision of insurance services, operating through Domestic Property and Casualty Insurance, Domestic Life Insurance, Overseas Insurance as well as other services including pensions, asset management and healthcare businesses.
SOMPO was founded in Japan in 1887 and has since built a global network in 32 countries operating in Europe, North America, Central and South America, Asia and Oceania, and the Middle East and Africa. The Company employs more than 76,000 people worldwide.
SOMPO seeks to realize sustainable growth and greater corporate value, based on striving to secure earnings from its domestic P&C insurance while aggressively devoting greater management resources to growth fields such as domestic life insurance and overseas insurance. The Group’s investment plan is not just limited to being a provider of insurance products but aims to position itself as the best customer service provider both at home and abroad and has evolved to offer a wider range of services aimed at providing even more customers with products that provide security, health, and wellbeing.
Corporate Communications, Sompo Holdings, Inc. TEL: +81-3-3349-3722