Soft Space and JCB International Launch Malaysia’s Inaugural JCB Payment Gateway: Enhancing Cross-Border Transactions for E-commerce Merchants
In exciting news for the fintech industry in Malaysia, Soft Space and JCB International Co have joined forces to introduce Malaysia’s first JCB payment gateway. This collaboration marks an important step in their ongoing partnership, which began earlier this year with the signing of an agreement.
The launch of the JCB payment gateway by Soft Space, a fintech-as-a-service provider, means that acquirers and payment facilitators can now offer their retail merchants access to JCB’s global network of over 156 million card members through an API specification. This seamless integration allows for hassle-free transactions without the need for a direct connection to JCB.
Joel Tay, CEO of Soft Space, highlighted the significance of this launch in the context of Malaysia’s status as the most visited country in Southeast Asia in 2023. He emphasized how the partnership with JCB will make cross-border payments more convenient, secure, and seamless, aligning with Soft Space’s broader goal of expanding their technology offerings in other verticals such as transit and in-flight payments globally.
As the inaugural member of the JCB payment gateway, senangPay, a Malaysian payment facilitator, sees this integration as a significant milestone that will benefit its merchants. By offering diverse payment options, including JCB payments, senangPay is poised to connect with Japan’s tourists and expatriates in Malaysia, further expanding its range of payment solutions.
E-commerce merchants, especially those in tourism, are expected to benefit greatly from this collaboration, as Japanese tourists increasingly turn to online platforms for bookings. The acceptance of JCB payments through facilitators will allow merchants to tap into the growing e-commerce spending by JCB cardmembers, which saw a 52% surge from 2021 to 2022.
Yoshiki Kaneko, president and CEO of JCB International Co Ltd., acknowledged the importance of online shopping in today’s consumer behavior. He expressed his delight at launching the new function with Soft Space, emphasizing the opportunities it presents in the e-commerce sector, while also enhancing the experience for JCB cardmembers and merchants. Kaneko also underscored the strategic partnership with Soft Space, highlighting the confidence they have in the collaboration with Malaysia’s leading fintech provider.
Overall, the introduction of Malaysia’s first JCB payment gateway is a significant development in the fintech landscape, offering enhanced payment options for merchants and greater convenience for consumers. As Soft Space and JCB continue to deepen their partnership, we can expect to see further innovations that will drive growth and elevate the fintech ecosystem in Malaysia and beyond.