This strategic partnership involves a combination of USD 5 million investment in Soft Space and 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.
JCB has targeted SEA as a strategic business enhancement region and has established its ASEAN Business Enhancement and Creation Department in Singapore in June 2021 to seek business opportunities within the region. This will serve as a template for further strategic alliances and investments within the region.
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.
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