CONNECT WITH US:
Oct, 16 2019 17:00 JST
SOCASH and JCB set their sights on Cardless Currency Exchange service for Tourists
JCB card users from Japan will be able to use SOCASH app for convenient cash access across the ASEAN region as a safer and cost-effective alternative to moneychangers
SINGAPORE / TOKYO, Oct, 16 2019 - (ACN Newswire) - SOCASH, a Singapore-based fintech startup, today announced its' foray into the foreign exchange market with plans of a global partnership with JCB Co., Ltd., the international payment brand and dominant card issuer and acquirer in Japan. This collaboration is an initiative to offer cardless cash withdrawal services at highly competitive FX rates, eliminating chances of extreme withdrawal fees at ATMs. The planned service will add convenience and safety for Japanese tourists visiting popular locations in Southeast Asian countries, which have very low card penetration and high card fraud risks. Together, they plan to bring this service into effect after Spring 2020.
To use this service, consumers will need to initially register their credit card information on the SOCASH app, using their smartphones to withdraw cash without having to use their cards at multiple outlets and convenience stores. In order to eliminate the risk of card theft or skimming, JCB and SOCASH plan to incorporate best in class security measures including tokenization, a 2nd factor authentication method to ensure reliability and security for cardmembers while using the app.
Through this partnership, SOCASH aims to completely negate the risks involved in using ATMs while travelling overseas. This collaboration will also benefit travelers who are on the lookout for best foreign exchange rates as this service will offer low exchange rates compared to moneychangers.
SOCASH CEO, Hari said, "ASEAN tourism is growing exponentially. As travel patterns shift beyond popular cities, it's often hard to find an ATM or a moneychanger. This partnership is set to add convenience for travelers and diversify our offerings as we move beyond the conventional foreign exchange services for adventurous people travelling far & wide."
Since the launch of SOCASH services in March 2018, users have surpassed 130,000 among a population of 5.6 million and processed over 1.5 million transactions with 1,400 merchants in partnership. The company raised US$6 million in its latest series B funding round led by Glory Ltd in July, and is looking to scale up its penetration in ASEAN markets including Malaysia, Indonesia and Hong Kong.
SOCASH is a Singapore-headquartered FinTech company that aims to improve cash distribution and liquidity management by creating the largest cash network in the world powered by mobile devices. The goal is to convert every shop and customer into a virtual cash distribution network starting in Asia. The company is the first recipient of the Monetary Authority of Singapore's FTSI Grant under the Proof of Concept scheme. The company is backed by prominent venture capital firms including Vertex Ventures (VC subsidiary of Temasek Holdings), Glory Ltd, Standard Chartered Ventures & SPH Ventures. For more information about SOCASH, please visit www.socash.io
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payments solution provider, JCB is commited to providing responsive and high-quality services and products to all customers worldwide. For more information: www.global.jcb/en.
Tel: +65 8339 3149
Sectors: Cards/Payments, FinTech/Chains, Banking, Venture Capital
Copyright ©2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Eisai: Dayvigo (Lemborexant) Approved for Treatment of Insomnia in Japan
Jan 23, 2020 15:57 JST
Eisai: Approval of Antiepileptic Drug Fycompa in Japan for Monotherapy and Pediatric Indications for Partial-Onset Seizures, as well as a New Formulation
Jan 23, 2020 15:46 JST
Mitsubishi Corporation Participates in Vietnam's "Grand Park Project"
Jan 23, 2020 12:39 JST
Fujitsu Launches 9 New Enterprise PC Models including Educational Tablets with Improved Ease of Use
Jan 23, 2020 11:14 JST
DOCOMO to Partner with AI-powered Enterprise Meeting Note Provider Otter.ai in Japan
Jan 22, 2020 12:21 JST
DOCOMO to Pursue Collaboration with Skydio, U.S. Manufacturer of Autonomous Drones Capable of Flying without GPS Guidance
Jan 22, 2020 12:00 JST
Mitsubishi Motors concludes a disaster cooperation agreement for the first time in Tokyo with Minato City
Jan 21, 2020 20:04 JST
DOCOMO and DOCOMO ASIA to Provide IoT Solution for YANMAR's SMARTASSIST System in India
Jan 21, 2020 16:13 JST
NEC Highlights 5G-enabled Business Creation and Connectivity at MWC Barcelona 2020
Jan 20, 2020 16:08 JST
Eisai Rated "A", the Highest Rating in the CDP Climate Change Report 2019
Jan 20, 2020 15:21 JST
Fujitsu Group Earns Top Rating in CDP Climate Change Evaluation for Third Year Running
Jan 20, 2020 15:03 JST
Showa Denko to Streamline Domestic Production of Unsaturated Polyester Resin and Vinyl Ester Resin
Jan 20, 2020 12:30 JST
Toyota Indiana Completes $1.3 Billion Modernization Project; Includes 550 New Jobs
Jan 20, 2020 08:46 JST
Toyota Yaris WRC Trio Start a New Chapter with a Classic Challenge
Jan 17, 2020 20:05 JST
DOCOMO Conducts World's First Successful Trial of Transparent Dynamic Metasurface
Jan 17, 2020 16:05 JST
Hitachi Industrial Products Received "EN 15085 Certificate" for Welding of Railway Vehicles and Components
Jan 17, 2020 13:45 JST
Hitachi Completes Construction of H1 TOWER, One of World's Tallest Elevator Test Towers, at R&D and Manufacturing Facility in Guangzhou, China
Jan 17, 2020 09:33 JST
Hitachi Joined WIPO GREEN as a Contributing Partner
Jan 17, 2020 09:07 JST
Fujitsu and Upstream Security Partner for Vehicle Security
Jan 16, 2020 15:23 JST
Toyota to Gradually Expand Service Area of "my route", the Multi-Modal Mobility Service
Jan 16, 2020 13:08 JST
More Latest Release >>