Malaysian fintech firm Soft Space has been recognised as a “Leading Challenger” in Juniper Research’s latest Digital Wallet Report.
The ranking reflects a notable improvement from the previous year, highlighting Soft Space’s efforts in innovation and the application of its products across multiple sectors.
Juniper Research evaluated 17 global digital wallet providers based on factors such as functionality, market presence, and technological capabilities.
Soft Space’s Digital Wallet and Card Issuance platform stood out for its features, particularly its collaboration with JCB to become the world’s first issuer of prepaid JCB Host Card Emulation (HCE).
This technology enables smartphones to emulate physical cards for contactless payments, aligning with the growing adoption of mobile wallets globally.
Soft Space is also extending its reach in the travel sector by integrating card and QR code payments with loyalty management systems.
This approach supports reward programs and deal discovery, encouraging cross-border transactions and enhancing payment convenience for travelers.
The report commended the platform’s versatility, noting its adaptability across business models such as Business-to-Consumer (B2C), Business-to-Business (B2B), and Government-to-Consumer (G2C).
It supports diverse financial services such as buy-now-pay-later (BNPL) options and earned wage access while offering flexible deployment methods to suit businesses of different scales.
Soft Space’s partnerships, including its involvement with Payments Network Malaysia’s (PayNet) Real-time Retail Payments Platform (RPP), enhance access to real-time payment features such as DuitNow QR.
The DuitNow QR system, which has over 2 million merchant acceptance points in Malaysia, also plays a key role in driving cross-border tourism spending, which reached approximately RM71.3 billion in 2023.
Soft Space’s dedication to financial inclusion was also acknowledged, with initiatives aimed at underserved communities and youth financial literacy via partnerships with Vircle and the Sabah Credit Corporation.
The company’s platform is used by institutions such as Cathay United Bank, one of Taiwan’s prominent commercial banks, and over 80 brands worldwide.
“We believe that digital wallets should be integrated into an open-loop payment system, and our collaboration with Visa, JCB, and Payments Network Malaysia is crucial to achieving this vision.
Together, we are developing the infrastructure for a more interconnected and accessible digital payments ecosystem in Southeast Asia.”
said Chris Leong, Chief Strategy and Investment Officer of Soft Space.
Featured image credit: Edited from Freepik
