Left – Sean Lam (CEO of Jewel Paymentech), Right – Joel Tay (CEO of Soft Space)
Kuala Lumpur, 15th October 2018 – Soft Space Sdn. Bhd., Asia’s leading financial technology company, has signed a memorandum of understanding (MoU) with Jewel Paymentech Pte. Ltd., a financial risk technology company, aimed at combining the technological strengths of both companies through the use of open application programming interfaces.
Soft Space is a leader in the development of innovative mobile payment technologies aimed at simplifying the complexity of digital financial transactions whereas Jewel Paymentech is a specialist in financial risk solutions for the banking and electronic payment industry. By working together, both companies will be able to leverage off each other’s strengths to advance payment technologies in Southeast Asia.
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.
“We are in the process of rolling out a new payment method, which is the first in the world, by year-end with Jewel Paymentech and we’re excited to share this news,” said Joel Tay, Chief Executive Officer of Soft Space. “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.”
“Our payment network, payment gateway, bank and marketplace clients will certainly benefit greatly from this strategic alliance,” said Sean Lam, the Chief Executive Officer of Jewel Paymentech. “We look forward to being able to close the loop and provide turnkey payment technologies to enable safe offline and online commerce. This essentially allows any bank to become a full-fledged competitor to Stripe and Paypal,” he added.