Malaysian fintech startup Soft Space announced that it has formed a new strategic partnership with Japanese credit card company JCB following a US$5 million investment from the payment giant.
Both entities will also engage in 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 in the horizon for Soft Space with other investments to follow in the future.
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.
“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.
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 Yoshiki Kaneko, President & COO of JCB International.
“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 Joel Tay, Chief Executive Officer of Soft Space.