Goldman Sachs Group is set to start offering transaction banking services in Japan, as Chief Executive Officer David Solomon expands its management of cash flows for big companies.
The U.S. bank will launch the services in the world’s third-largest economy through Goldman Sachs Bank USA’s Tokyo branch, the company said in a statement Wednesday. Japan is the first country in Asia where the firm will offer the services, it said.
Goldman Sachs began handling money for large companies in the United States in 2020 and since introduced it to the United Kingdom, Germany and the Netherlands, in a bid to generate more stable revenue streams than volatile areas such as trading and investment banking. Its number of clients has doubled to more than 450 since 2020, according to a company presentation.
The platform provides global companies in Japan with treasury services including cash management and cross-border payments into more than 160 countries, to help them manage accounts speedily and efficiently, according to the statement.
Goldman Sachs’s banking arm gained a license in 2021 from the Financial Services Agency for corporate cash management operations. The company has since been offering services including dollar settlements for Japanese companies overseas, according to a spokesperson.