JCB partners with Soft Space & Hong Leong Bank to expand card acceptance in Malaysia
JCB International (JCBI), the international operations subsidiary of JCB, Japan’s leading international payment brand, FinTech-as-a-service provider, Soft Space, and Hong Leong Bank (“HLB”) have joined forces to actively drive JCB Card acceptance in Malaysia, bolstered by strong post pandemic economy recovery prospects.
As the Malaysian economy continues to grow positively in 2023, tourism has emerged as one of the brightest sectors spearheading the recovery process, with Japan listed as one of the top 10 contributors to tourist arrivals and spending in Malaysia. Malaysia targets to welcome 16.1 million international tourist arrivals and generate RM49.2 billion (US$10.89 billion) in tourist receipts in 2023.
To capitalise on these recovery prospects, Soft Space and JCBI recently signed an agreement to enable Soft Space to work with local acquirers, such as HLB, to promote JCB Card acceptance in Malaysia.
In January 2022, Soft Space and JCB had entered into a strategic partnership, the first of its kind in Malaysia for the Japanese payment giant. With the agreement, JCB also invested US$5 million in Soft Space and launched a series of business collaborations that aim to harness synergies between the two parties and include the expansion of JCB’s merchant network, the establishment of card issuing solutions, and the provision of customer marketing solutions.
As the partnership evolved, there was an expectation that JCB would make further investments in Soft Space in the future. JCB’s investment in Malaysia aligns with its vision to become “Asia’s leading payment brand”, with South East Asia targeted as a region for strategic growth. In June 2021, JCB established its ASEAN Business Enhancement & Creation Department in Singapore to seek business opportunities within the region.
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