JCB injects $5m in 🇲🇾 fintech firm in strategic partnership

Soft Space, a Malaysian fintech firm, has inked a partnership with Japanese international payment brand JCB, a first of its kind in Malaysia.

JCB’s Yoshiki Kaneko (left) and Soft Space’s Joel Tay / Photo credit: JCB and Soft Space

The collaboration includes a US$5 million injection from JCB into Soft Space. According to a joint statement, the injection is only part of the first tranche of funding coming for the Malaysian startup.

The tie-up would also see the two companies work together on business efforts capitalizing on Soft Space’s fintech-as-a-service business model, tech, and regulatory knowledge. In addition, JCB said it plans to expand its merchant network, establish card issuing solutions, and provide customer marketing offerings through the partnership.

Other areas for collaboration include enhanced merchant acceptance, mobility, payment gateways, and technical support. The two companies also said they are committed to accelerating cashless payments both in Malaysia and across Southeast Asia, linking Japanese consumers to the region.

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Soft Space is a software point-of-sale company supporting over 30 financial institutions across 10 countries. The fintech firm was founded in 2012 by Chang Chew Soon, who stepped down as its group CEO in 2018. The company is now led by CEO Joel Tay.