Soft Space Partners Up With Singaporean Fintech Firm for eKYC and Market Expansion | Digital Asia
Digital Asia News Update
Depsite having their co-founder recently step-down, Soft Space is showing no signs of slowing down. The payments company widely regarded as one of the leading payments fintech company in Malaysia has signed a memorandum of understanding (MoU) with Jewel Paymentech, a financial risk technology company.
This partnership is aimed at combining the technological strengths of both companies through the use of open application programming interfaces (APIs).
Soft Space plans to capitalise on Jewel Paymentech’s suite of financial risk solutions for third-party acquiring services, which includes its merchant electronic “Know-Your-Customer” (eKYC) and on-boarding platform as well as its fraud protection technology.
The collaboration will allow Soft Space to conduct merchant due diligence thoroughly and manage end-to-end transaction fraud risk effectively through the use of predictive analytics. This tie-up is expected to enhance Soft Space’s solution capabilities to better serve its customers
Earlier this year, Jewel Paymentech forged a capital alliance with Japan’s largest payment processor, GMO Payment Gateway, that enables them to make their entry into the Japanese market.
Soft Space, on the other hand, has gone through a series of investments from two different Japanese conglomerates; transcosmos inc. and Sumitomo Mitsui Card Company, and with this collaboration, they plan to work together to venture into the Japanese market hand-in-hand to boost their company’s portfolio and business opportunities.
Soft Space plans to venture into Singapore’s dense fintech space with Jewel Paymentech’s support, given their local established presence in the country, which is often hailed as the fintech hub in Southeast Asia
Joel Tay, Chief Executive Officer of Soft Space said, “The strategic alliance with Jewel Paymentech is a perfect match to complement Soft Space’s technical expertise and it will enable us to provide cutting-edge, next-generation payment platforms for all transacting electronically.”
Joel has also hinted at rolling out a new payment method which they claim will be first in the world with Jewel Paymentech by year-end.