Fintech Soft Space enters into partnership with JCB

This strategic partnership involves a combination of US$5 million investment in Soft Space and a series of business collaborations, Soft Space noted in a statement yesterday

Fintech player Soft Space Sdn Bhd has partnered with Japan’s JCB Co Ltd with the aim of capitalising on Soft Space’s fintech-as-a-service business model, technology and regulatory know-how, and JCB’s global recognition, vast alliances and brand reach.

This strategic partnership involves a combination of US$5 million investment in Soft Space and a series of business collaborations, Soft Space noted in a statement yesterday.

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, Soft Space added.

JCB owns and operates one of the largest payment schemes in Japan, supporting about 37 million merchants and 140 million card- members around the world and is focused on capitalising on Asia’s economic growth.

Backed by these assets, JCB wants to expand the brand globally by leveraging its strength in Asia — especially in South-East Asia (SEA) — to become a competitive brand preferred by Japanese and international card members.

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 areas of potential collaboration include enhanced merchant acceptance, mobility-as-a-service and transit; payment gateways; cards-as-a-service; white label services; API platform services and technical support services, the statement noted.

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, it noted.

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

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, said JCB International Co-president and COO Yoshiki Kaneko.