JCB has partnered with SoftSpace, a Malaysian financial technology company
A brief introduction to JCB
Founded in 1961, the company pioneered the introduction of credit cards as a new payment method in Japan. The company has expanded internationally. and as the only company in Japan that operates international card services Therefore, it has developed many businesses on the global stage. In addition to developing a network of merchants that accept JCB cards worldwide, the company is expanding JCB card issuance with partners in Japan and overseas. There are currently more than 140 million members using the JCB card, most of which are located in Asia.
JCB sees ASEAN as a market with high potential.
ASEAN itself is a market with high potential. It has a growing population and a growing economy. in terms of payment The number of people with bank accounts and credit cards is still very small. And there is still room for growth, so it’s a business opportunity. The people of ASEAN have a positive view of Japan and believe that JCB is a Japanese company that can create value.
Established ASEAN Business Promotion and Building Division in Singapore to create new business.
Under the Department of Business Promotion and Building in ASEAN Established in June 2021
, it is an independent organization with two employees from Japan.
The history of the new organization
Until now, JCB has been using the Japanese brand to grow both member and store segments. But both members and merchants feel that there are limits to what they can do with their current business. And they need to open up new businesses based on other strengths of JCB. For example, collaboration with external partners and investment in startups is possible. But it is difficult for the existing unit to operate effectively as a new mission. Therefore, the JCB created this new division to allow the agency to operate independently and with thought. new concept
Investment in SoftSpace, a Malaysian financial technology company. One of the new businesses in ASEAN and has started to operate.
An investment of approximately $5 million in SoftSpace, a Malaysia-based financial technology company. Provides Tap on Mobile devices and is a licensed company for issuing JCB cards and finding merchants in Malaysia.
In the short term, SoftSpace’s Tap on Mobile device will be able to connect to JCB’s existing credit card business.
In the medium to long term, JCB believes that it can create new value and solutions for JCB customers such as banks and cardholders. By combining SoftSpace’s technology with JCB’s business in the future. Especially while bank account holding and credit card access rates are low in ASEAN. The smartphone access rate is high. Therefore, it is believed that technology can be used to provide new solutions such as marketing solutions via smartphones.
In the future, JCB would like to take advantage of SoftSpace’s solutions to benefit JCB’s existing customers and to expand JCB’s business. SoftSpace can also expand its own market share by partnering with JCB, forming a relationship between the two companies. that benefited both parties
Importance to ASEAN Market through SoftSpace Initiative
In the short term, SoftSpace wants to expand its market share in Malaysia. Subsequently, it wants to expand its business to other countries such as Indonesia, Vietnam, the Philippines and Thailand, etc. It also wants to promote its marketing activities across ASEAN by integrating SoftSpace’s financial technology with JCB’s network in many countries such as Vietnam, Indonesia and Philippines With cash still the main payment method, JCB hopes to contribute to a cashless society by working with SoftSpace to facilitate payments for consumers. and would like to increase the role of JCB more in ASEAN according to the social importance of promoting cashless transactions in ASEAN
For the future
JCB remains a challenger in the ASEAN market. and want to operate according to the Quality Management Cycle (PDCA) in making various assumptions. Trial and Validation Verification In this respect, in addition to our high efforts with SoftSpace, JCB also wants to focus on partnerships with other companies and startups. JCB will expand its current credit card business. through cooperation with third parties and at the same time executing strategies to build new businesses in the medium to long term.