Soft Space Enters into Strategic Partnership with JCB
Collaboration will expand JCB's presence in Southeast Asia and act as a bridge for Soft Space to link Japanese consumers with the region and vice versa
KUALA LUMPUR & TOKYO, Jan 13, 2022 - (JCN Newswire) - The world's leading fintech player, Soft Space Sdn. Bhd. ("Soft Space"), has announced a new strategic partnership with Japan's only international payment brand, JCB Co. Ltd. ("JCB").
|Virtual signing ceremony between Yoshiki Kaneko, Senior Executive Officer of JCB Co., Ltd. / President & COO of JCB International Co., Ltd., and Joel Tay, Chief Executive Officer of Soft Space|
This strategic partnership is the first of its kind in Malaysia for the payment giant and 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.
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.
JCB owns and operates one of the largest payment schemes in Japan supporting about 37 million merchants and 140 million cardmembers around the world, by capitalising on Asia's economic growth. Backed by these assets, JCB has a vision to become "Asia's leading payment brand" and 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.
To this end, JCB has targeted SEA as a strategic business enhancement region and has established its ASEAN Business Enhancement and Creation Department in Singapore last June to seek business opportunities within the region. This will serve as a template for further strategic alliances and investments within the region.
The strategic partnership with 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, but not limited to, 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.
"I am honoured to announce this investment and collaboration agreement. I believe this is not just an investment, but the first step towards realising the boundless possibility with Soft Space," said Yoshiki Kaneko, President & COO of JCB International Co. Ltd. "We are capitalising on this opportunity to expand and secure our business in SEA by utilising Soft Space's cutting-edge technology and robust network with the financial institutions. We are confident that this collaboration will go beyond Malaysia and expand across the globe."
"We are humbled by this investment by JCB," said Joel Tay, Chief Executive Officer of Soft Space. "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."
Today, Soft Space has an expansive range of product offerings that span 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.
About Soft Space
Founded in 2012, Soft Space is the world's leading SoftPOS player headquartered in Kuala Lumpur, Malaysia. Soft Space simplifies the complexity of financial infrastructure and creates value-added features for businesses to expand their business growth. With over 30 financial institutions across 10 countries adopting its payment solutions, Soft Space is supported by MDEC's Global Acceleration and Innovation Network (GAIN) programme and received financial support through MIDA's Domestic Investment Strategic Fund in 2012. In 2018, Soft Space ranked 66th out of 1000 companies in Financial Times 'FT 1000: High Growth Companies in Asia Pacific' Special Report. Subsequently in 2020, Soft Space is also recognised as one of IDC's Fastest Growing Company in 2020. For more information, please visit: https://www.softspace.com.my/
Tel: +603 7494 1222
JCB is a major global payment brand and a leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. Its acceptance network includes about 37 million merchants around the world. JCB Cards are issued mainly in Asian countries and territories, with more than 140 million cardmembers. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase its merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to providing responsive and high-quality service and products to all customers worldwide. For more information, please visit: www.global.jcb/en/
Source: JCB / Soft Space
Sectors: Cards & Payments, Media & Marketing, Blockchain Technology, Local Biz
Copyright ©2023 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.
Latest Press Release
More Latest Release >>
Value Research Center (VRC) at SSUNGA78: 'How Purpose, Value, and Impact will Drive a Sustainable Post- SDG Future'
Sep 22, 2023 21:00 JST
TOYOTA GAZOO Racing returns to South American roads
Sep 22, 2023 18:26 JST
Fujitsu marks next stage of "Work Life Shift" with new corporate hubs in Tokyo area to boost productivity, data-driven management
Sep 22, 2023 16:20 JST
Fujitsu and Hokuhoku Financial Group launch trials for generative AI to streamline operations for Hokuriku Bank and Hokkaido Bank
Sep 22, 2023 12:32 JST
Innovative MedTech Welcomes Visionary Frederick Schilling to its Corporate Advisory Board
Sep 21, 2023 22:30 JST
Eisai: Release of Dementia Disease Awareness Videos for World Alzheimer's Day, September 21
Sep 21, 2023 12:26 JST
JCB and BNI Launch the BNI JCB Ultimate Card
Sep 21, 2023 09:00 JST
Takasago Hydrogen Park, the World's First Integrated Validation Facility for Technologies from Hydrogen Production to Power Generation, Enters Full-Scale Operation
Sep 20, 2023 19:05 JST
HRC and Takaaki Nakagami Agree to Renew Contract
Sep 20, 2023 15:24 JST
Lexus Presents the Theme of Diversification and Electrification Aiming to Deliver New Value to Customers
Sep 20, 2023 11:22 JST
Hitachi Industrial Products to Launch High-capacity Multi-port EV Charger
Sep 19, 2023 20:06 JST
Honda and Toray Begin Joint Demonstration of Closed-loop Recycling of Nylon Resin
Sep 19, 2023 12:07 JST
Fujitsu launches new offering to support sustainable enterprise transformation as Japan's first premium supplier for RISE with SAP
Sep 19, 2023 10:34 JST
Fujitsu strengthens DX consulting capabilities with plans to acquire Australian consultancy MF & Associates - investing for government and healthcare customer success
Sep 19, 2023 10:05 JST
Quantum Computing Startup - Nanofiber Quantum Technologies Secures $8.5m Funding
Sep 18, 2023 04:40 JST
SBM Offshore and MHI Sign Partnership Agreement for FPSO CO2 Capture Solution
Sep 15, 2023 18:51 JST
Fujitsu and the Linux Foundation launch Fujitsu's automated machine learning and AI fairness technologies as Linux Foundation hosted open source projects
Sep 15, 2023 10:23 JST
A New Era: Challenges in Lunar Exploration and Manned Lunar Orbital Base Development
Sep 14, 2023 17:04 JST
MHI Becomes a Full Member of the Japan Center for Engagement and Remedy on Business and Human Rights (JaCER)
Sep 14, 2023 14:45 JST
Fujitsu and Baptist Health South Florida transform operating room scheduling with newly launched solution to boost utilization rates and the financial health of the surgical discipline
Sep 14, 2023 10:33 JST