KUALA LUMPUR, Dec 8 – Payment platform and service provider, Soft Space Sdn Bhd aims to expand its electronic payment solution, Fasstap, to the vast untapped market in Southeast Asia next year, focusing mainly on Cambodia and Myanmar.
Chief executive officer Joel Tay said these two emerging markets were still growing and slowly adopting the electronic payment system in a bid to be less cash dependent economies.
“I think the acceptance point would not be a problem as we believed that there is a lot of card schemes and regulators supporting us in this (initiative to transform into a cashless society).
“Everyone has a debit, ATM or credit card, therefore, in this aspect we see the public will adopt very easily,” he told Bernama.
He said the company would allocate between US$5 million (US$1=RM4.15) and US$10 million for its regional expansion plan next year with a big chunk of it to cover the operating cost particularly product certification that involves card schemes and payment regulators.
Tay was met after a sharing session organised by Malaysia Digital Economy Corporation (MDEC) — Global Acceleration and Innovation Network (GAIN) programme, with Communications and Multimedia Minister Gobind Singh Deo held recently.
Fasstap is an electronic payment service under the partnership of Soft Space and Malaysia’s national payments network, Payments Network Malaysia Sdn Bhd, that allows small businesses and sole-proprietors to accept card payments at minimal cost.
Businesses may use any supported Android-based smartphones with near-field communication technology to accept and process MyDebit payments or any other e-payment card, instead of relying on traditional card point-of-sale terminals.
Commenting on MDEC’s GAIN programme, Tay said the programme had greatly helped the company to expand its international presence with tremendous business exposure across the region.
“They provide us with some grant as well but we value the exposure more because in Malaysia and especially for company that comes from Southeast Asia, we seldom get good exposure to markets like Europe and the United States.
“MDEC plays a big role in that and I see that role is more important than money,” he explained.
Soft Space is currently active in Thailand, Singapore, Indonesia, Taiwan, Vietnam, and Japan, and it hopes to venture into Australia going forward.
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