Jewel Paymentech Teams Up With one of Malaysia’s Leading Fintech Payments Firmby Fintechnews Singapore October 15, 2018
Jewel Paymentech a local financial risk technology company recently signed a partnership with Soft Space, one Malaysia leading payments fintech firm, who despite having their co-founder recently step down is showing no signs of slowing down.
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.
According to their statement, they have also hinted at rolling out new payment method which they claim will be first in the world with Soft Space by year-end.
“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.