Soft Space partners with Japan’s JCB to accelerate cashless payment in Malaysia and SEA

by TMR / pic by TMR FILE

FINTECH player, Soft Space Sdn Bhd has partnered with Japan’s only international payment brand, JCB Co.

This strategic partnership involves a combination of US$5 million investment in Soft Space and a series of business collaborations that are aimed at capitalising on Soft Space’s fintech-as-a-service business model, technology and regulatory knowhow, and JCB’s global recognition, vast alliances and brand reach, the company said in a statement today.

“This is part of the first tranche of funding on the horizon for Soft Space with other investments to follow in the future.

The partnership also demonstrates the confidence JCB has in Soft Space’s management, technology portfolio and execution strategy in today’s highly competitive fintech industry,” Softspace added.

JCB owns and operates one of the largest payment schemes in Japan supporting about 37 mil merchants and 140 mil cardmembers around the world, by capitalising on Asia’s economic growth.

Backed by these assets, JCB will expand the brand globally by leveraging its strength in Asia – especially in Southeast Asia (SEA) – to become a competitive brand preferred by Japanese and international cardmembers.

JCB established its Business Enhancement and Creation Department in Singapore last June to seek business opportunities within the region.

Soft Space also aims to harness synergies between the two parties and includes the expansion of JCB’s merchant network, the establishment of card issuing solutions, and the provision of customer marketing solutions.

Other collaborative areas include enhanced merchant acceptance, mobility-as-a-service (MaaS) and transit; payment gateways; cards-as-a-service (CaaS); white label services, API platform services and technical support services.

Both Soft Space and JCB are committed to accelerating cashless payment both in Malaysia and SEA by utilising competitive and advanced fintech technologies, thereby establishing a link between Japanese consumers to SEA.

“Being JCB’s first investee in Malaysia assures us that we are on track to develop financial solutions that will fortify payment acceptance between Japan and SEA, and benefit both regions when borders open up again.

This bridge between our regions will also serve as a roadmap for us to enter other regions globally in the future,” said CEO of Soft Space Joel Tay.

Soft Space product offerings that spans across white-label e-wallet solutions to its flagship Tap to Phone technology, which is the world’s first SoftPOS solution to support secure PIN entry.

The solution has received endorsements from major card schemes such as Visa, UnionPay International, Mastercard and Malaysia’s MyDebit, and has been deployed in some of the largest financial service institutions and corporate enterprises in the Middle East, North America, Europe, and Asia Pacific.