Seven Bank Ltd, the banking business of the 7-Eleven Group in Japan, has expanded its business to Malaysia. During the launch today, it revealed plans to install 100 cash recycling machines (CRMs) at 7-Eleven outlets across Malaysia, offering combined cheque deposit and automated teller machine (ATM) services to customers.
The CRMs are deployed by Reachful Malaysia Sdn Bhd, formerly known as Abadi Tambah Mulia International Malaysia Sdn Bhd, a joint venture involving Seven Bank Ltd, 7-Eleven Services Sdn Bhd, HQZ Credit Sdn Bhd, and SMRT Holdings Bhd. With this launch, Malaysia becomes the fourth market outside Japan for Seven Bank’s ATM installations, joining the United States, Indonesia and the Philippines.
The first CRM has been installed in Rawang, with deployments in Kuala Lumpur, Selangor, Penang and Johor planned for this year, while expansion to Sabah and Sarawak is expected by 2026. The installations will prioritise suburban areas, aiming to improve banking access for residents with limited options nearby. It is revealed that machines will charge RM1 for interbank cash withdrawals, similar to ATMs operated by Malaysian Electronic Payment System (MEPS).
Reachful CEO Jin Sudo explained that Malaysia represents a significant growth market due to its increasing population, GDP and high cash circulation, even in the context of a growing cashless economy. Seven Bank had similarly identified the country as a promising market last year, citing low ATM density and rising cash usage as key drivers for its expansion. This view is supported by 7-Eleven Malaysia co-CEO Tan U-Ming, who referenced an Ipsos Malaysia study showing that 48% of Malaysians still rely on cash daily, with usage rising to nearly two-thirds in non-urban areas.
Meanwhile, Seven Bank president Masaaki Matsuhashi emphasised the company’s vision of creating convenient, one-stop solutions for consumers, particularly 7-Eleven customers. The goal is to allow people to combine errands, such as purchasing a coffee and withdrawing cash, in a single visit to one of its stores.
Looking ahead, Reachful Malaysia plans to expand its offerings by integrating retail and financial services. Matsuhashi mentioned the potential for future collaborations, possibly including partnerships with supermarkets or petrol stations, to extend CRM availability further.
(Source: The Edge)
