Japan-based Seven Bank Ltd. plans to set up a wholly owned payment service unit.

The new unit, Seven Payment Service Ltd., will have paid-in capital of ¥150 million and is expected to launch by next spring, according to an Oct. 6 news release.

The subsidiary will allow the Japanese lender to expand the range of its ATM business into remittance and settlement services fields, the company said.

The establishment of the unit is subject to relevant regulatory approvals.

As of Oct. 6. US$1 was equivalent to ¥112.81.