KUALA LUMPUR: Seven Bank Ltd, the banking business of the 7-Eleven group in Japan, has expanded its business to Malaysia, targeting to install 100 units of Cash Recycling Machines (CRM) at selected 7-Eleven stores in Kuala Lumpur, Selangor, Johor and Penang this year.
The CRM, which would be known under the brand name, Reachful, includes services such as automated teller machines (ATMs) and cash deposit machines (CDM).
Seven Bank's president and representative director Masaaki Matsuhashi said the company also plans to expand to more areas in 2026, covering Sabah, Sarawak and selected suburban areas throughout Malaysia.
He said the expansion into Malaysia is the fourth outside of Japan, after the United States, Indonesia and the Philippines with over 21,000 ATM installations by 2024.
Currently, there are 2,600 7-Eleven stores in Malaysia.
"By collaborating with our partner companies to deploy ATM services in 7-Eleven stores in Malaysia, we hope to enrich the lives of the Malaysian people and contribute to further social development and economic growth," he said at the launch event here, today.
According to Paynet, Malaysia’s national payments network, it ran a study in 2022 which revealed that 78 per cent of Malaysians still preferred cash payments, the same study found that 48 per cent of Malaysia still used cash daily, with usage reaching 2/3s in non-urban areas.
A more recent 2024 IPSOS study indicated that 45 per cent of Malaysians still relied solely on cash for payments.
"While Malaysia is progressively embracing digital payment methods, the need for physical cash is still evident and remains a significant part of the payment landscape, especially in non-urban areas and among certain demographics," said Seven Bank's managing executive officer and head of Overseas Business, Tsuneo Nagashima.
He said the company would also consider expanding the CRM outside of 7-Eleven stores such as malls and petrol stations, depending on the demand and needs.
Meanwhile, 7-Eleven Malaysia Holdings Bhd's executive director cum co-chief executive officer Tan U-Ming said through the collaboration, it hopes to address the need for increased convenience and greater access to financial services.
He said the company would also expand to have more services in the future, depending on customers' needs.
Previously, Reachful Malaysia was known as Abadi Tambah Mulia Internasional Malaysia Sdn Bhd. The company was established on May 30, 2024.
Source: https://www.thestar.com.my/business/business-news/2025/01/20/japan039s-seven-bank-expands-into-malaysia-targets-100-crm-units-at-7-eleven-stores-this-year