Malaysian fintech-as-a-service provider Soft Space has signed an agreement with Japanese credit card company JCB to enable the former to work with local acquirers such as Hong Leong Bank (HLB) to promote JCB Card’s acceptance in the country.
Sofitel Kuala Lumpur Damansara, a hotel in Kuala Lumpur, is one of HLB’s merchants that has begun accepting JCB Card payments.
This signals the expansion of JCB Card’s merchant network, the establishment of card issuing solutions, and the provision of customer marketing solutions in Malaysia, and later in Southeast Asia.
Malaysia targets to welcome 16.1 million international tourist arrivals and generate RM49.2 billion (US$10.89 billion) in tourist receipts in 2023. Japan is listed as one of the top 10 contributors to tourist arrivals and spending in Malaysia.
Earlier last year, JCB had invested US$5 million in Soft Space which culminated in a series of business collaborations that are aimed at leveraging on Soft Space’s fintech-as-a-service business model, technology and regulatory knowhow, and JCB’s global recognition, vast alliances and brand reach.
“As Japanese tourist arrivals in Malaysia begin to ramp up again, we are pleased to be able to enable and promote cross-border payments between Japan and Malaysia via our partners.
This merely represents a first step in our ambition to roll out similar agreements in Southeast Asia, boosting JCB Card acceptance and riding on the wave of increasing contactless card payments in the region.”
said Joel Tay, Chief Executive Officer of Soft Space.
“Malaysia has been an important destination country for our card members across the regions. Establishing a partnership with HLB is a huge step forward for the expansion of JCB acceptance network in Malaysia.
We can now better serve JCB Card members coming to Malaysia not only from Japan, but also from the ASEAN region where we have more than 10 million card members.”
said Yoshiki Kaneko, President and Chief Executive Officer of JCB International.
Featured image: (Left to right) Andrew Jong (HLB), Joel Tay (Soft Space) and Yoshiki Kaneko (JCBI).
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