This collaboration will expand JCB's presence in Southeast Asia and SoftSpace will serve as a bridge between Japanese consumers and Southeast Asia.
The world’s leading fintech player, Soft Space has announced a new strategic partnership with Japan’s only international payment brand, JCB Co. Ltd.
This strategic partnership is the first of its kind for JCB in Malaysia and comprises a combination of an investment in SoftSpace and a series of business alliances that leverage SoftSpace's service-based fintech business model, technology and regulatory know-how, and JCB's global profile, extensive alliances and brand strength.
The investment is part of the first round of funding for SoftSpace, with other investments planned for the future. The partnership also demonstrates JCB's confidence in SoftSpace's management, technology portfolio and execution strategy in the highly competitive fintech industry.
JCB owns and operates one of the largest payment systems in Japan, supporting approximately 37 million merchants and 140 million cardholders around the world. Backed by these assets, JCB's vision is to become "Asia's leading payment brand", leveraging its strengths in Asia, particularly Southeast Asia, to become the preferred competitive brand for cardholders in Japan and overseas on a global basis.
To this end, JCB has positioned Southeast Asia as a strategic region for strengthening its business and established the ASEAN Business Enhancement and Creation Department in Singapore in June last year to explore business opportunities in the region. We plan to use this opportunity to further develop strategic alliances and investments in the region.
The strategic partnership with SoftSpace is also aimed at realising synergies between the two parties and includes expanding JCB's merchant network, establishing card issuance solutions and providing customer marketing solutions.
Both JCB and SoftSpace aim to leverage their competitive and advanced fintech technologies to accelerate cashless payments in Malaysia and Southeast Asia, and to be the link between Japanese consumers and Southeast Asia.
The increased presence of JCB will undoubtedly open up a wider range of business opportunities for Japanese companies.
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