Soft Space enters capital alliance with GMO-FG

Monday 25 March 2024 10:55 CET | News

Malaysia-based fintech company Soft Space has entered a capital alliance with its long-standing partner Japan-based GMO Financial Gate (GMO-FG). 

As per the information detailed in the press release, Soft Space and GMO-FG announced their capital alliance intending to make cashless payments permeating across several sectors, including transportation, hospitality, and food and beverage. The investment from GMO-FG precedes Soft Space’s planned Series C funding round to advance Japan’s transition to a cashless society.

Malaysia-based fintech company Soft Space has entered a capital alliance with its long-standing partner Japan-based GMO Financial Gate (GMO-FG).

Soft Space – GMO-FG’s collaboration objectives

Through this capital alliance, Soft Space and GMO-FG intend to make cashless payments available for various industries, with the collaboration utilising the latter’s extensive client network to allow Soft Space to identify additional opportunities in sectors traditionally reliant on cash transactions. Considering that Japan is a destination for international tourists, the transition towards cashless payments is projected to increase spending by providing a more convenient transaction experience. According to Soft Space’s officials, since receiving its MPoC Solution Provider certification in February 2024, the company advanced its capabilities in enabling cashless societies worldwide. By ensuring full certification, Soft Space intends to support its clients in entering a global SoftPOS market that is set to expand significantly by 2030.

Furthermore, at the time of the announcement, the capital alliance enabled the two companies to deploy the stera tap, one of Japan’s first MPoC-certified SoftPOS solutions, supporting the synergy between technological capabilities and GMO-FG’s payment network. stera is a fundamental component of Sumitomo Mitsui Card Company’s (SMCC) strategy to improve Japan’s cashless payment revolution. Representatives from GMO-FG underlined that, since the beginning of their company’s collaboration with Soft Space in 2018, the two organisations cultivated an enhanced relationship by integrating Soft Space’s SoftPOS services with GMO-FG’s payment network, with an initial focus on the transit sector. Soft Space’s solutions are developed for accelerated market adoption, with GMO-FG expressing enthusiasm over the launch of stera tap under the SMCC initiative. Additionally, the capital alliance represents a step further in the companies’ intentions to solidify their collaboration and expand Japan’s in-person cashless payment market.

Considering that the volume of domestic cashless payments is continuously increasing in Japan, the partnership between Soft Space and GMO-FG supports the adoption of cashless payments in the region. By streamlining cashless transactions and merging the capabilities of both Soft Space and GMO-FG, the alliance is set to advance the financial sector, while also improving the lives of individuals and businesses across Japan.

More information about Soft Space

As a fintech company, Soft Space currently serves over 90 financial institutions and partners across 30 global markets, with the company delivering both merchants and consumers with a range of solutions, including contactless payment via mobile devices and white-label e-wallet services. Through these technologies, Soft Space intends to allow the simplified adoption of digital payments while supporting financial institutions to better understand and address their customers’ requirements and needs. The company is committed to utilising its mobile contactless payment knowledge and technology to enhance finance, domestically and internationally.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, cashless, payments , digital payments, cash
Categories: Payments & Commerce
Companies: GMO Financial Gate, Soft Space
Countries: Japan
This article is part of category

Payments & Commerce

GMO Financial Gate


Soft Space

Discover all the Company news on GMO Financial Gate and other articles related to GMO Financial Gate in The Paypers News, Reports, and insights on the payments and fintech industry: