Webdesk (TIA)Soft Space, a Malaysian fintech business, has entered into a collaboration with the Japanese multinational payment brand JCB, a first in Malaysia.

Soft Space will receive a $5 million investment from JCB as part of the agreement. According to a joint statement, the investment is merely half of the Malaysian startup’s initial round of funding.

The two businesses will also collaborate on business initiatives that will use Soft Space’s fintech-as-a-service business model, technology, and regulatory understanding. In addition, JCB stated that the relationship will allow it to develop its merchant network, build card issuing solutions, and deliver consumer marketing services.

Improved merchant acceptance, mobility, payment gateways, and technical assistance are further opportunities for collaboration. The two corporations also stated their commitment to expediting cashless payments in Malaysia and throughout Southeast Asia, therefore connecting Japanese customers to the region.

Soft Space is a software POS firm that serves over 30 financial institutions in ten countries. Chang Chew Soon created the fintech business in 2012 and stepped down as its group CEO in 2018. CEO Joel Tay currently leads the firm.

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