Malaysia's Soft Space forms strategic partnership with Japan's JCB to accelerate cashless payments; raises $5 million

The strategic partnership is the first of its kind in Malaysia for JCB

Carl Adrian

13 Jan, 2022

Malaysia's Soft Space forms strategic partnership with Japan's JCB to accelerate cashless payments; raises $5 million | BEAMSTART News

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Soft Space, a major fintech startup from Malaysia, has just formed a new strategic partnership with JCB, one of Japan's largest international payment brands.

As part of the strategic partnership, JCB has also invested $5 million into Soft Space.

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Soft Space and JCB's strategic partnership is a first of its kind

In a statement, JCB mentions that the strategic partnership is the first of its kind in Malaysia for the company, and is aimed at capitalising on Soft Space's fintech-as-a-service strengths.

As part of the partnership, Soft Space will bring the business model, technology, and regulatory knowhow to the mix, while JCB will bring global recognition, vast alliances, and brand reach.

“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”, mentioned Yoshiki Kaneko, president and COO of JCB.

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More on Soft Space and JCB's partnership

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 companies aim to accelerate cashless payments that are taking place in both Malaysia and Southeast Asia by leveraging on competitive and advanced fintech technologies — ultimately establishing a link between Japanese consumers to Southeast Asia.

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Soft Space to raise more money

According to Soft Space, the JCB investment is part of the first tranche of funding on the horizon for the company, with more investments to take place in the future.

Soft Space is also JCB's first investment into a fintech startup from Malaysia.

“Being JCB’s first investee in Malaysia assures that the company is on track to developing 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,” mentioned Joel Tay, CEO of Soft Space.

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