Soft Space launches first JCB payment gateway in Malaysia

• Online payment provider SenangPay enables JCB acceptance
• To promote Soft Space in other verticals such in-flight payments

Soft Space Sdn Bhd, a leading fintech-as-a-service (FaaS) provider, and JCB International Co, Ltd, the international operations subsidiary of JCB Co, Ltd (JCB), announced the launch of the first ever JCB payment gateway in Malaysia.

Soft Space said it regards this is a significant milestone in its strategic partnership with JCB, which was signed in Jan 2022, and follows their successful central bank digital currency (CBDC) trial in Dec 2023, as well as the recent agreement to enable JCB acceptance for all Hong Leong Bank merchants.

Leveraging JCB’s robust global network and Soft Space’s technical expertise, the JCB payment gateway aligns with the global shift towards diversified digital transactions, meeting the market's demand for secure, innovative payment options.

In this case, Soft Space provides an Application Programming Interface (API) specification that enables acquirers and payment facilitators to quickly and efficiently offer their retail merchants access to JCB’s network of over 156 million cardmembers globally as of Sept 2023 (where annual transaction volumes exceed ¥43 trillion (US$278 billion) between April 2022 and March 2023) without having to establish a direct connection to JCB themselves.

“The launch of the JCB payment gateway complements the fact that Malaysia is the most visited country in Southeast Asia in 2023^. Not only will this make cross-border payments more convenient, secure and seamless, it aligns well with our broader goal to promote Soft Space’s technology in other verticals such as transit and in-flight payments globally,” said Joel Tay (pic), Chief Executive Officer of Soft Space.

E-commerce merchants stand to benefit greatly from this development, especially those in the tourism sector. Japanese tourists are increasingly purchasing attraction tickets and booking accommodation via e-commerce merchants. If the merchants can start accepting JCB payments through payment facilitators, they are well-placed to capitalise on the rapidly growing international e-commerce spending by JCB cardmembers, which has increased by 52% from 2021 to 2022[1]. Figure I do not want to leave during the pandemic

Yoshiki Kaneko, President and CEO of JCB International Co, Ltd said: “Looking at the behaviour of today’s consumers, online shopping has become an indispensable part of their daily lives and also the main source of growth for all businesses, including JCB. This trend is especially true since the pandemic. We are delighted to launch the new function together with Soft Space to seize the growing business opportunity in the e-commerce business, while providing a better experience for our JCB cardmembers and merchants. This also marks another milestone in the strategic partnership with Soft Space, giving us even greater confidence that our collaboration with Malaysia’s leading fintech is a key to success.”

Following the onboarding of senangPay, as the first JCB payment gateway member, Soft Space will accelerate the onboarding of other acquirers and payment facilitators in the APAC region and beyond, promising greater efficiency, security, and convenience for both merchants and JCB cardmembers.

“At senangPay, we champion simplicity in business growth by eliminating barriers to making or accepting payments. Integrating JCB Card acceptance into senangPay’s ecosystem marks a significant milestone for our merchants,” said Mansor Abd Rahman, CEO of senangPay. “Offering diverse payment options, while allowing consumers to pay using their preferred methods, not only expands senangPay's range of payment solutions, but also enables our merchants to connect with Japan's tourists and expatriates in Malaysia.”

More than just a milestone in their strategic partnership, this achievement between Soft Space and JCB is a testament to the potential of their collaborative synergy to create comprehensive solutions for a global audience, and a sign of Soft Space and JCB‘s mutual commitment to transforming the global payments landscape.