Soft Space once again appears as a fast-growing fintech player, powered by innovation and acceptance of its offerings by the banking, financial services and insurance industries
Kuala Lumpur, 20 April 2020 – Asia’s leading financial technology (fintech) player, Soft Space Sdn. Bhd. has been recognised as one of the fastest growing fintech companies in Malaysia by International Data Corporation (IDC) Financial Insights Asia/Pacific, following up on an accolade it first received in 2017.
Based on rigorous research undertaken by the internationally renowned research firm, Soft Space was included in IDC Financial Insights Asia/Pacific’s FinTech Fast 101 list, and is part of a larger study of fintech in Asia/Pacific excluding Japan (APEJ) that focused on 11 key markets.
These studies are based on extensive on-ground analysis of fintech players from China, India, Indonesia, Singapore, Hong Kong, Thailand, Malaysia, Philippines, Vietnam, South Korea, and Australia.
Soft Space first appeared in IDC Financial Insights Asia/Pacific’s list in its previous edition, which was first published three years ago. The research firm did not compile a list for 2018 and 2019, but returned to evaluate fintech companies for 2020.
In both evaluations, IDC Financial Insights Asia/Pacific applied its Triple U framework – ubiquity, utility, and usability – to determine this year’s FinTech 101 list. This framework evaluates fintech data across the following key metrics: addressable market, customer adoption, investments, alliances and partnerships, innovation, chance of survival, and marketing.
“It’s not easy to survive in the fast-paced, fintech world much less thrive in it. Soft Space has defined itself as being a key innovator in the payment terminals space – not only in Malaysia but also regionally. The fintech was identified on IDC Financial Insights Asia/Pacific’s Fintech Fast 101 list as a solution that formed strong propositions for the Asian market, increasing accessibility and lowering barriers for small and underserved merchants to accept card-based payments efficiently. Their innovation on payment terminals are exemplary – having also been accredited as first in the world to offer a software-based PIN entry on a commercial off-the-shelf (SPoC) solution that is both secure and compliant to PCI standards.,” said Darshiniy Selvaratnam, senior market analyst for IDC Financial Insights Asia/Pacific.
“We are privileged to be named once again in IDC Financial Insights Asia/Pacific’s prestigious list,” said Joel Tay, Chief Executive Officer of Soft Space. “Appearing three years after being first mentioned is a testimony of how consistent Soft Space has been in anticipating the needs of the payments market, innovating new products and services to meet these needs, and bringing them to market in the most convenient, efficient and in a regulatory compliant manner.”
The 2020 update of IDC Financial Insights Asia/Pacific’s FinTech Fast 101 research showed that Asia/Pacific banks preferred to work with fintech start-ups and have partnered with players that will likely help them succeed, by asking, “What value will these new players add to my proposition, product, or services?”
IDC Financial Insights defined fintech as new models for financial services offered through “non-traditional” vendors, and it evaluates the companies themselves as well as their products. These non-traditional vendors are either companies not usually considered providers of financial services or start-ups delivering services built around the new models and technologies.
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