Soft Space

Soft Space is a payment platform and service provider that makes it possible for anyone to accept card payments anywhere, anytime, securely. The service is available for businesses and individuals. It also comes with a free application and a mini chip card reader.

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Businesses Can Accept MyDebit Card Payments using only Mobile Phones – Pilot Launch by Soft Space and PayNet

BUSINESSES CAN ACCEPT MYDEBIT CARD PAYMENTS USING ONLY MOBILE PHONES - PILOT LAUNCH BY SOFT SPACE AND PAYNET - 25 Oct 2018

Soft Space Sdn Bhd (Soft Space), in collaboration with MyDebit, Malaysia’s national debit scheme operated by Payments Network Malaysia Sdn. Bhd. (PayNet), will pilot Fasstap, an innovative fintech solution that could potentially allow small businesses and sole-proprietors to accept card payments at minimal cost.

25 Oct 2018

BUSINESSES CAN ACCEPT MYDEBIT CARD PAYMENTS USING ONLY MOBILE PHONES - PILOT LAUNCH BY SOFT SPACE AND PAYNET

Left: Joel Tay (CEO of Soft Space). Right: Peter Schiesser (Group CEO of PayNet)

Soft Space introduces the world’s first secure PIN-based authorisation, mobile payment acceptance application for seamless and low-cost acceptance

Kuala Lumpur, 25th October 2018 – Soft Space Sdn Bhd (Soft Space), in collaboration with MyDebit, Malaysia’s national debit scheme operated by Payments Network Malaysia Sdn. Bhd. (PayNet), will pilot Fasstap, an innovative fintech solution that could potentially allow small businesses and sole-proprietors to accept card payments at minimal cost.

Under the Fasstap pilot, businesses may use any supported Android-based smartphones with near-field communication (NFC) technology to accept and process MyDebit payments, instead of relying on traditional card point-of-sale (POS) terminals

Powered by Soft Space’s very own “Made in Malaysia” technology, cashiers or store keepers can just launch the Fasstap application on their smartphone, and within a few clicks, easily and safely accept a MyDebit card payment. Fasstap can also process payments exceeding the RM250 threshold for contactless or wave payments, because Fasstap facilitates secure PIN-entry and authorisation.

“Soft Space has always been synonymous with innovative payment solutions and this pilot is another testament of our ingenuity,” said Joel Tay, the CEO of Soft Space. “While NFC-based mobile payment application isn’t new, utilising the hardware-embedded security technology within the smartphone to enable secure PIN-entry and authorisation is a world’s first.”

“In line with our objective to make cashless payments accessible to all Malaysians, we initiated a pilot to trial MyDebit acceptance through Fasstap because the solution promises to significantly reduce the cost for merchants to accept card payments. Small businesses, including hawkers, street vendors and pasar malam traders will need nothing more than their smartphones to collect debit card payments from their customers, once we are ready to go to a full commercial roll-out” said Mr Peter Schiesser, the Group Chief Executive Officer of PayNet.

“We are excited as MyDebit acceptance via Fasstap has the potential to make cashless payments accessible and affordable to all businesses in Malaysia. This solution will further cement MyDebit as the most cost-effective mode of card payments in Malaysia,” added Mr Schiesser.

Today, MyDebit’s transaction fees for businesses, or more commonly known as merchant discount rates (MDR), averages at 0.56% compared to an average of 1.33% for credit cards.[1] With Fasstap, the fixed costs associated with POS terminals, which may cost up to RM1,000, will largely disappear for merchants that already have smartphones that can double up to receive card payments.

Fasstap has the potential to disrupt the payment space as it leverages the Android-NFC-enabled smartphones that are widely used in the South East Asian market, thereby making it highly scalable and efficient for merchants of all sizes.

“Fasstap is unique in that it extends today’s mPOS capabilities to make cashless payments accessible to a wider group of merchants, especially the smaller scale ones in a cost effective and secure way,” said Mr Tay. “Additionally, this pilot will help us understand the intricacies of the market and help pave the way for Soft Space to roll out similar payment schemes and even support QR Code Mobile Payments regionally by leveraging our existing client base that consists of 20 financial institutions in 11 countries worldwide.

[1] Bank Negara Malaysia Financial Stability and Payment System Report 2017 pg 143 http://www.bnm.gov.my/files/publication/fsps/en/2017/cp06.pdf

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SOFT SPACE FORMS A STRATEGIC ALLIANCE WITH JEWEL PAYMENTECH

SOFT SPACE FORMS A STRATEGIC ALLIANCE WITH JEWEL PAYMENTECH - 15 Oct 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.

15 Oct 2018

SOFT SPACE FORMS A STRATEGIC ALLIANCE WITH JEWEL PAYMENTECH

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.

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Chang Chew Soon To Step Down As Group CEO Of Soft Space; Departing To Start New Venture

Chang Chew Soon To Step Down As Group CEO Of Soft Space; Departing To Start New Venture - 10 Oct 2018

Soft Space Sdn. Bhd., Asia’s leading financial technology (fintech) company, today announced that Chang Chew Soon, its co-founder and Group Chief Executive Officer (CEO), will step down from his position effective 13th November 2018.

15 Oct 2018

10 Oct 2018

Chang Chew Soon To Step Down As Group CEO Of Soft Space; Departing To Start New Venture

Kuala Lumpur, 10th October 2018 – Soft Space Sdn. Bhd., Asia’s leading financial technology (fintech) company, today announced that Chang Chew Soon, its co-founder and Group Chief Executive Officer (CEO), will step down from his position effective 13th November 2018. In tandem with this move, Mr. Chang will also step down as a director but remains a shareholder in Soft Space.

The Soft Space Board of Directors has decided that there will not be a replacement for the position of Group Chief Executive Officer in Soft Space. To facilitate a continued focus on the company’s strategic priorities going forward, Joel Tay, CEO of Soft Space and Chris Leong, CEO of Fasspay, a wholly owned subsidiary of Soft Space, will continue to assume the leadership roles of both companies, as they had previously done in the past 18 months.

Speaking on behalf of the Board of Directors, Tan Sri Vincent Lee said, “We would like to thank Mr. Chang for his contribution in starting and driving Soft Space into what it is today – a leading fintech firm in Asia,” he said.

Over the past 18 months, Soft Space has been steadily growing in customer wins, revenue, as well as a growing reputation for its payments innovation and portfolio of services. During this time too, Fasspay has also acquired an e-money licence thereby enabling it to offering services such as mobile wallets to consumers.

In these same 18 months, Joel and Chris have been assuming the day-to-day operations of Soft Space and Fasspay respectively. They have also been actively engaged in business decisions, new opportunities within the region, as well as discussions with potential investors for the next round of the company’s funding. As such, Mr. Chang’s departure will not affect the day-to-day operations, any future business opportunities nor the next funding round.

Since Joel and Chris assumed leadership 18 months ago, Soft Space has managed to increase profitability and improve capital valuation with a revenue increase of 68%. From January 2017 to August 2018, 90,000 payment terminals were deployed all over Southeast Asia, during which the payment transaction volume of these terminals totalled more than US$ 1.1 billion.

“Mr Chang has always been an innovator, a disruptor at heart, and he has now come to a decision that it’s time for him to venture into something else. While we value Mr. Chang as a co-founder of Soft Space, he has decided to move on and in the spirit of entrepreneurship, we understand and respect his decision to do so,” Joel and Chris jointly said. “As a co-founder and still a shareholder of Soft Space, he is still committed to making sure the company continues to succeed even if he’s no longer with us.”

“Although I leave with a heavy heart, I’m also convicted that Soft Space is in good hands because my co-founders have been with me from the very beginning and are more than capable of taking the company to new heights,” said Mr. Chang. “I am proud of the progress the whole team has made. I’d like to take this opportunity to thank the Board of Directors, my co-founders, and all Soft Space staff for having stuck on with us, some of them from the very beginning. All of you are an inspiration to me and I am grateful to have had this experience, and I wish you all the very best ahead.”

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SOFT SPACE SECURES SERIES B FUNDING FROM SUMITOMO MITSUI CARD COMPANY (SMCC)

SOFT SPACE SECURES SERIES B FUNDING FROM SUMITOMO MITSUI CARD COMPANY (SMCC) - 23 Apr 2018

The investment is set to advance the development of digital financial solutions in Japan and various other growth opportunities

15 Oct 2018

SOFT SPACE SECURES SERIES B FUNDING FROM SUMITOMO MITSUI CARD COMPANY (SMCC)

Kuala Lumpur, 23rd April 2018 – Soft Space Sdn. Bhd., one of Asia’s leading FinTech players, today announced the closing of a Series B investment with Sumitomo Mitsui Card Company (SMCC) – one of a subsidiary of Sumitomo Mitsui Financial Group (SMFG), which is one of the largest financial groups in Japan. The investment follows the signed Memorandum of Understanding (MOU) and Business Alliance Agreement that happened in early 2017, which will enable Soft Space to gain privileged access to the massive Japanese market.

SMCC’s investment in Soft Space will create business growth opportunities within Japan and the ASEAN region. This alliance allows Soft Space to, among other things, deliver customizable payment system applications; provide cost-effective EMV Smart Card Readers for SMFG and its affiliates; and collaborate with SMCC to explore the possibilities of using Soft Space’s white label solutions.

Soft Space also aims to use the Series B funding round as momentum for future funding opportunities to diversify and boost its global reach into new markets.

“SMCC has been around for over 50 years and with this partnership in place, we will work together to build a more sustainable SMCC business model for the next 5 decades.” said Ken Kubo, President of Sumitomo Mitsui Card Company. “Moving forward, we will collaborate with Soft Space and create market-driven solutions that will boost both our businesses to new heights.”

In Japanese business culture, trust and relationships are of great importance as these values are paramount in building and upholding long-term business relationships. Conventionally, it is very difficult to penetrate the Japanese market due to its traditional nature. Japan is one of the most advanced industrial countries in the world with very little foreign acquisition. However, this policy has recently changed and Japan is experiencing more foreign investment.

SMCC has in the past invested in two US-based FinTech companies – Square Inc. and Stripe Inc. This makes SMCC’s investment in Soft Space the world’s first outside of Japan and the United States, and the first Malaysian-based FinTech company that SMCC has invested in South East Asia (SEA).

“To attain this distinction as the first company SMCC has invested in outside of Japan and the United States is a real privilege for us at Soft Space,” said Joel Tay, CEO of Soft Space. “We are humbled by this and will leverage this partnership to the fullest by delivering innovative FinTech solutions to our Japanese partners to the best of our abilities.”

“Soft Space is one of Malaysia’s leading FinTech companies and a strong partner of the Malaysia Digital Economy Corporation’s (MDEC) initiatives. We foresee many potential growth opportunities stemming from their innovative solution and business model.” said Dato’ Ng Wan Peng, COO of MDEC. She also noted that funding from SMCC is expected to boost Soft Space’s competitive edge and support their expansion into new markets.

Japan is also seen as a traditionally cash-centric society with 62% of consumer payments being made by cash in 2016 (Euromonitor International, 2016)1. But with the 2020 Tokyo Olympic Games coming up, which is expected to attract some 40 million foreign tourists all around the world, the Japanese government has been making continuous efforts to empower businesses to expand digital payment services within its shores. With SMCC’s assistance, Soft Space will look to provide a comprehensive financial platform for businesses, and accelerate the shift in mindset of the Japanese population towards the adoption of digital payment solutions instead of cash.

“By aligning our synergistic strengths with SMCC and its affiliates, we will work together to expand our business growth opportunities and to provide innovative e-payment solutions that can transform their cash-centric payment lifestyle.” said Tay.

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FAMILYMART TAIWAN ADOPTS SOFT SPACE’S E-Wallet SOLUTIONS

FAMILYMART TAIWAN ADOPTS SOFT SPACE’S E-Wallet SOLUTIONS - 13 Oct 2017

Announcing “My FamiPay” - the only mobile application that you need for your payment transactions.

13 Oct 2017

FAMILYMART TAIWAN ADOPTS SOFT SPACE’S E-Wallet SOLUTIONS

Taiwan, 13th October 2017 – Partnering with Cathay United Bank (CUB), Soft Space introduces an innovative way to make payments that is set to empower FamilyMart Taiwan called “My FamiPay”. The application integrates and binds debit/prepaid/credit cards and other various stored value cards for in-store purchases and utility bill payments to enable seamless loyalty points collection for their consumers with just a click of a button.

According to eMarketer, Taiwan is the most mobile country in the world with 73.4% of Taiwan's population uses smartphones. Soft Space saw an opportunity to undertake Taiwan’s digital payment market as it has the highest smartphone penetration in the world.

With the collaboration from CUB that has a total of 6 million card holders in Taiwan and FamilyMart’s 3.6 million registered members across 3,100 outlets in the country, this opens up opportunities to increase both of their customer base by 20% by the end of the year.

By using Soft Space’s e-wallet, CUB can offer tailored financial and digital services while managing risk effectively whereas, FamilyMart Taiwan’s members can benefit from CUB’s extensive clients list. In today technological era, data is important. Hence, Soft Space plans to offer analysis services for FamilyMart Taiwan and CUB to embark on big data analytics.

The relaunch of “My FamiPay” is an enhancement of the previous version as it ameliorates better customer experience by providing a more comprehensive payment service. The mobile application connects to various cards in order for users to earn reward points that they can use to redeem or to make payments at the counter. Furthermore, it accepts transactions to be made from over 21 non-cash payment providers by scanning the barcode on the application.

The second phase of “My FamiPay” mobile application is to support Online-to-Offline (O2O) delivery and pick-up service that allows customers to collect their purchased items at any FamilyMart convenient store in Taiwan. This method will benefit brick-and-mortar retail outlets as it can include them in the e-commerce trend that will ultimately increase their sales and growth. The application will support pre-order purchases that will offer exclusive FamilyMart promotions for their customers. Moreover, the “My FamiPay” app will soon be a 3rd party payment processor that allows business owners to accept money online seamlessly.

Soft Space is the leading Fintech player in Asia and is one of the major MPOS provider in the region that aims to transform the payment industry. The company launched the Digital Payment Hub in Taiwan – a payment platform consists of blockchain technologies, MPOS and e-wallet. It allows merchants to securely accepts payment methods from physical cards and mobile payments like AliPay, TenPay, and SamsungPay.

“Ubiquinomics is the new trend of retail spending behavior, the effective consolidation between virtual and retail shopping and providing a seamless experience to our consumers would be the next key agenda for FamilyMart in the upcoming phase.” said Jung Ting Yeh, Chairmain & CEO of FamilyMart Taiwan.

“We are excited to be able to introduce Soft Space’s payment hub solutions to FamilyMart Taiwan by partnering with Cathay United Bank and we plan to integrate the same approach to our own e-wallet soon in Malaysia so stay tuned!” said Joel Tay, CEO of Soft Space.

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SOFT SPACE ANNOUNCES BUSINESS ALLIANCE WITH SUMITOMO MITSUI CARD COMPANY (SMCC)

PRESS RELEASE: SOFT SPACE ANNOUNCES BUSINESS ALLIANCE WITH SUMITOMO MITSUI CARD COMPANY (SMCC) - 4 Oct 2017

The accord aims to provide suitable payments solutions within SMCC’s strategic focused countries in the ASEAN region.

15 Oct 2018

PRESS RELEASE: SOFT SPACE ANNOUNCES BUSINESS ALLIANCE WITH SUMITOMO MITSUI CARD COMPANY (SMCC)

Kuala Lumpur, 4 Oct 2017 - Soft Space Sdn. Bhd. reached an agreement to form a business partnership with Sumitomo Mitsui Card Company (SMCC) a company belonging to Japanese conglomerate Sumitomo Financial Group (SMFG) with Sumitomo Mitsui Banking Corporation (SMBC) as its centerpiece. The agreement composed of integrating and customizing Mobile Point of Sales (MPOS), E-wallet solutions, providing EMV card readers and collaborating in digital payments related opportunities with SMCC.

Group photo (from left to right): Joe Iwata, Kosuke Shimada, Hikaru Matsui, Kazunori Okuyama, Chang Chew Soon, Chris Leong, Joel Tay

This business collaboration between Soft Space and SMCC is set to increase and gain a competitive edge from both of their synergistic strengths. The partnership will increase their brand awareness, expand their customer base and enhance their products and services that they are offering.

The partnership includes “targeted countries” such as; Malaysia, Singapore, Philippines, Thailand, Vietnam, Indonesia, Myanmar, Cambodia, India and Japan.

In January 2017, Soft Space and SMCC signed a Memorandum of Understanding (MOU) to offer innovative payment solutions in Southeast Asia. This collaboration has introduced Soft Space’s solution to local Japanese companies and banks which are in partnership or in existing business relationship with SMCC and SMBC within their strategic focused countries mentioned above.

Soft Space is the leading Fintech player in ASEAN and is one of the major MPOS provider in the region that aims to transform the payment industry. Soft Space is the first company in Asia to obtain a centralized EMV Level 2 certification for cloud-based server, and their solutions are certified by EMV, PCI and major card schemes; making it secure, credible and recognized globally.

“This business alliance with SMCC will assist Soft Space in achieving our strategic business objectives and increase our growth opportunities in the targeted countries. Through this business alliance, Soft Space hopes to create stronger relationship with SMCC, SMBC and other SMFG affiliates for mutual business expansion", quoted Joel Tay, the CEO of Soft Space. He also mentioned that the partnership can provide important consumer behavior data and information in order to improve Soft Space’s payments solutions.

“We hope that the alliance can help spread Soft Space’s reach to different ASEAN countries that the company has not yet venture into” mentioned Chris Leong, CSO of Soft Space.

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IDC FINANCIAL INSIGHTS UNVEILS 10 FAST GROWING FINTECH COMPANIES IN MALAYSIA AT THE 2017 FINTECH INNOVATION SUMMIT

IDC FINANCIAL INSIGHTS UNVEILS 10 FAST GROWING FINTECH COMPANIES IN MALAYSIA AT THE 2017 FINTECH INNOVATION SUMMIT - 13 June 2017

IDC Financial Insights - The premier global market intelligence firm, revealed that Soft Space Sdn Bhd made it on to the list of 10 fast growing Fintech in Malaysia, part of the broader Fintech 101 list for Asia/Pacific, at the Fintech Innovation Summit 2017 held at InterContinental Kuala Lumpur, Malaysia.

IDC FINANCIAL INSIGHTS UNVEILS 10 FAST GROWING FINTECH COMPANIES IN MALAYSIA AT THE 2017 FINTECH INNOVATION SUMMIT

13 June 2017

IDC Financial Insights - The premier global market intelligence firm, revealed that Soft Space Sdn Bhd made it on to the list of 10 fast growing Fintech in Malaysia, part of the broader Fintech 101 list for Asia/Pacific, at the Fintech Innovation Summit 2017 held at InterContinental Kuala Lumpur, Malaysia.

Soft Space made in on to the list with others Fintech companies in the region such as AppPay, KATSANA, iMoney, Mobiversa, Jirnexu, Tranglo, MOLPay, Neuroware and MyCash Online.

“The key theme for Malaysian Fintech moving forward is to grow beyond the country. 2018 will be a banner year for Asia/Pacific fintech to regionalize – similar to the journeys of Alipay and Grab – so Malaysian companies will have to compete fervently against those from other markets. They all need to achieve scale and ubiquity as quickly as possible,” remarked Michael Araneta, Associate Vice President for IDC Financial Insights.

He also mentioned that In Malaysia, the disruption is visible mostly in payments, followed by lending, wealth management, marketplace and crowdfunding. These fintech players are moving fast in their alliances and partnerships with financial services institutions and continuously innovating to make their products and solutions better. IDC also saw successful fintech in payments including remittances and money transfers expanding into m-commerce as a viable growth strategy.

We are seeing many capable and talented fintech start-ups stepping up their game nowadays and we couldn’t be prouder of that. With hard work and determination these companies have the potential to be successful.

Soft Space believes that with the building blocks of unlimited computing power, open APIs and open sources that creates an environment for innovation, new up and coming start-ups are spoiled with choices to boost their company!

For complete article, please click here https://www.idc.com/getdoc.jsp?containerId=prAP43028917

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PIKTOCHART – WEBCAMP

PIKTOCHART – WEBCAMP

A “start-up is not a Democracy” – we often wonder how the inner workings of a start-up is usually like and how exciting it must be to be in that? In fact, there is a lot of politics to run it and one has to be smart in order to manage it.

PIKTOCHART – WEBCAMP

13 June 2017

A “start-up is not a Democracy” – we often wonder how the inner workings of a start-up is usually like and how exciting it must be to be in that? In fact, there is a lot of politics to run it and one has to be smart in order to manage it.

Piktochart Webcamp event has hosted many aspiring entrepreneurs, developers, marketers, growth hackers, and individuals who are passionate about the local startup scene. They also had the privilege of having notable local and international speakers at their webcamp seminars.

Chew Soon’s speech titled “Start-up is not a Democracy” during the event talked about his challenges and struggles of founding Soft Space (spoiler alert: it’s not all rainbows and unicorns).

He explained that when venturing in the Fintech industry, certification and recognition by the EMVCo is crucial for banks and other financial institutions to have confidence and trust in you to conduct business with. In this case, securing EMVco certifications are important and that is what he did first. And the rest is history!

One of his slides, he wrote:

“The general misconception: Business owners attend seminars and read books on sensitivity and how to make their employees love them. They want to be friends and colleagues. Hard and fast rules make them squeamish. They operate under the mistaken but widely held belief that they'll get more out of their employees if they're loved.”

The essence of his whole presentation was build up to this point, a “start-up is not a Democracy”. He said “a company is not a democracy, the only opinion that counts are that of ownership”.

What he meant by this is that, at the end of the day the CEO/Founder is responsible to execute their (business) battle plans as flawless as possible. They are the one who are answerable to the investors, directors, shareholders and consumers.

Being an entrepreneur is never easy, especially being an up and coming start-up. But with a lot of hard work and determination, anything is impossible. It’s events like these that are important for the entrepreneurship community – to help founders find their footing in what they do. Every guidance that they can take is crucial for them to grow.

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ENACTUS MALAYSIA NATIONAL COMPETITION (EMNC) 2017

ENACTUS MALAYSIA NATIONAL COMPETITION (EMNC) 2017

University Malaysia Sabah (USM), University Tenaga National (UNITEN) and University Malaysia Terengganu (UTM) was the top 3 universities that qualified for the final round of Enactus National Competition 2017 that was held at MATRADE Exhibition and Convention Centre.

ENACTUS MALAYSIA NATIONAL COMPETITION (EMNC) 2017

13 June 2017

University Malaysia Sabah (USM), University Tenaga National (UNITEN) and University Malaysia Terengganu (UTM) was the top 3 universities that qualified for the final round of Enactus National Competition 2017 that was held at MATRADE Exhibition and Convention Centre.

It was a close race, however University Malaysia Sabah (UMS) displayed the best entrepreneurial project in the competition and they will be representing Malaysia for the 4th time at Enactus World Cup 2017 in London.

Enactus is an international non-profit organization focusing on inspiring students to improve the world through entrepreneurial action with a presence in over 1,700 universities across 36 countries. Enactus provides a platform for teams of outstanding university students to create community development projects that put people’s own ingenuity and talents at the center of improving their livelihoods.

UMS winning entrepreneurship projects that they presented was (1) commercializing mulberry leaves by turning it into mulberry tea production line and (2) using a device to improve the yield of fish in two fishing areas in Sabah.

(Award presented by YM Tengku Dato’ Sri Zafrul Aziz Chief Executive Officer of CIMB Group and Chairman of Enactus Malaysia Foundation)

Some of the judging panel consists of Yayasan Enactus Malaysia royal patron Tunku Besar Seri Mananti Tunku Ali Redhauddin Tuanku Muhriz, the crown prince of Negeri Sembilan, June Liang the Senior Director of Frost & Sullivan, Elia Talib the Managing Director of Graduan, Syahrunizam Samsudin CEO of Touch n’ Go and our very own founder, Chang Chew Soon from Soft Space.

“We couldn’t be prouder of each and everyone who participated to make a change in their small area of community. It is the development of programmes like these that are quintessential to make a change in our society and eventually the whole country” quoted Chew Soon.

Congratulations University Sabah Malaysia! All the best during the Enactus World Cup in London!

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FINNOVASIA KUALA LUMPUR 2017

FINNOVASIA KUALA LUMPUR 2017

FINNOVASIA is the most anticipated event of the year for Fintech companies as it brings together speakers and practitioners from all over the globe to share exclusive insights on the latest trends, business developments and predictions for the Fintech industry.

FINNOVASIA KUALA LUMPUR 2017

13 June 2017

FINNOVASIA is the most anticipated event of the year for Fintech companies as it brings together speakers and practitioners from all over the globe to share exclusive insights on the latest trends, business developments and predictions for the Fintech industry.

FINNOVASIA emerges “geeky-funky” startup events with “gentlemen club” banking conferences and creates a unique chemistry between Fintech entrepreneurs, investors, bankers, and governments. The event helps those who are truly passionate about Fintech to share ideas and collaborate on reinventing the financial industry.

The conference was organized in partnership with MDEC and supported by Bank Negara Malaysia and Securities Commission Malaysia. For this year the event took place in Kuala Lumpur and was held at Pullman Hotel City Centre.

The speakers of FINNOVASIA Kuala Lumpur revealed a mixed of experienced and renowned Fintech entrepreneurs from all over the ASEAN continents. One of them was our very own Chang Chew Soon, the Founder and CEO of Soft Space.

The interesting interactive discussion alongside with Dato’ Ng Wan Peng (COO of MDEC), Dato’ Arif Siddiqui (CIO of Standard Chartered), Kanangs Surendran (Managing Director and Head, Digital Banking of CIMB), and Raj Lorenz (Executive Director of GHL Systems Berhad) was about the “Future of Fintech in Malaysia”.

According to Anton Saraykin the CEO and Co-Founder of FINNOVASIA quoted “We believe that Malaysia has a lot of potential to become one of the leaders in ASEAN region in the Fintech industry because it has all the necessary ingredients to become successful.”

Datuk Yasmin Mahmood, CEO of MDEC revealed that Malaysia is an interesting test bed for Fintech solutions as it has a lot of emerging markets. She said “there is still a long way to go. But, I think the realization is there. We are seeing Malaysian startups already expanding their presence outside the country, while selling their solutions and then coming back to the country. We are also seeing strong support from the banking industry.”

This would be the mark of an exciting chapter for the Fintech industry as we are seeing banks in Malaysia slowly embracing “Financial Technology”!

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FINTECH PAYMENT CONFERENCE – “PAYMENT EVOLUTION”

FINTECH PAYMENT CONFERENCE – “PAYMENT EVOLUTION”

As the world of Fintech continues to grow exponentially, Fintech companies invent high-technological innovations that would replace orthodox financial services method. Some of these approaches includes money transactions, insurance, loans, banking, and even savings scheme.

FINTECH PAYMENT CONFERENCE – “PAYMENT EVOLUTION”

13 June 2017

As the world of Fintech continues to grow exponentially, Fintech companies invent high-technological innovations that would replace orthodox financial services method. Some of these approaches includes money transactions, insurance, loans, banking, and even savings scheme.

In light of the foregoing, Transcendz organized a Fintech Payment Conference which was supported by Next Money KL, that was titled “Payment Evolution”. The event highlighted the direction of where Fintech is heading to and how payment companies are working to integrate alternatives payment methods for today’s society. The conference aims to embrace this disruption by bringing together innovators of different background to discuss and debate about the topic: “payments”.

It was a gathering of innovative payment industry players, thought leaders, policy makers and Fintech enthusiasts to connect, discuss and ignite the next 'big step' in the payment industry, which is ripe for disruption.

The speakers for the event were experienced and knowledgeable individuals that have a thing or two to say about the Fintech and payment industry – and Chew Soon was one of them.

The conference consisted of interesting topics like “democratizing finance as a solution for all”, and “ASEAN’s future of payment solutions and how we are moving forward”. Each of the panelist in their particular sessions, gave their valuable insight to their given topics.

These types of conferences are a great platform for entrepreneurs who are interested in the Fintech industry to learn from experts to navigate through the playing field and take on challenges head on!

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INTECH ASSOCIATION OF MALAYSIA (FAOM) – “THE LEADING VOICE IN THE FUTURE OF FINANCIAL TECHNOLOGY”

FINTECH ASSOCIATION OF MALAYSIA (FAOM) – “THE LEADING VOICE IN THE FUTURE OF FINANCIAL TECHNOLOGY”

The fast growing fintech industry has led the formation of the Fintech Association of Malaysia (FAOM) that is set to be a representative voice serving the interests of various fintech players in Malaysia.

FINTECH ASSOCIATION OF MALAYSIA (FAOM) – “THE LEADING VOICE IN THE FUTURE OF FINANCIAL TECHNOLOGY”

13 June 2017

The fast growing fintech industry has led the formation of the Fintech Association of Malaysia (FAOM) that is set to be a representative voice serving the interests of various fintech players in Malaysia.

David Fong, the protem President of FAOM said “the goal of FAOM is to connect key enablers in the ecosystem and create a national platform that would be the leading hub for fintech innovations and investments in the region.”

The formation of the Fintech Association of Malaysia (FAOM) marked a momentous development in the world of Fintech in the country. Think of it as a way to keep all of the functions in check, and to ensure a healthy growth of Fintech in Malaysia.

To serve its function, the FAOM will take on four (4) roles in the growing Fintech scene in Malaysia;

1. Communicate Advocate as the voice of Malaysia’s Fintech community to engage with industry players including regulators in policy making, to support FinTech innovation(s). FAOM will also serve to address issues that may arise from certain regulatory factors that could affect the Fintech industry players, be it positively or negatively.

2. Channel FAOM will establish itself as the go-to point of contact and source of information, serving as the channel that connects information to industry players who might be seeking it. Information that can be accessed through FAOM would include the likes of research data, legal education, regulatory updates as well as an access point to link professional development opportunities to its members.

3. Connect The association will serve as the point of contact for industry players to express their concerns. Furthermore, FAOM will also serve as the body that will connect local Fintech teams to global FinTech hubs, thereby fostering a healthy FinTech ecosystem within our country and also globally.

4. Community To grow and to cultivate the existing members with interest in Fintech innovations that would engage in Fintech products and services, provide thought leadership via forums, conferences and other similar avenues.

Founding members of FAOM included companies like payment solution services GHL System Bhd and Soft Space, online insurer GetCover, financial comparison services Jirnexu and GoBear.

“FAOM is formed with the sole purpose of engaging the regulators and the industry so that fintech companies has a unified voice. I'm glad that my experience in Soft Space and Cradle Fund allows me to represent and contribute my ideas for the betterment of the ecosystem” quoted by Chris Leong, the CSO of Soft Space.

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SOFT SPACE RAISING USD $5 MILLION FROM TRANSCOSMOS INC. FOR STRATEGIC INVESTMENT

SOFT SPACE RAISING USD $5 MILLION FROM TRANSCOSMOS INC. FOR STRATEGIC INVESTMENT - 13 June 2017

Soft Space raises USD $5 Million from transcosmos inc to form a capital and business alliance that will transform the digital payment industry for traditional businesses in Malaysia and Southeast Asia.

SOFT SPACE RAISING USD $5 MILLION FROM TRANSCOSMOS INC. FOR STRATEGIC INVESTMENT

13 June 2017

Soft Space raises USD $5 Million from transcosmos inc to form a capital and business alliance that will transform the digital payment industry for traditional businesses in Malaysia and Southeast Asia.

The partnership introduces an omnichannel customer relationship management (CRM) solution to help enhance the client’s digital engagements by delivering appealing ads, loyalty marketing programme that can directly send tailored discounts coupons to customers’ smartphones, and leverage on the chatbot services within the solution to further engage their customers.

According to Frost and Sullivan research, Southeast Asia is one of the world’s fastest-growing regions for e-commerce revenues estimated to exceed US$25 billion by 2020. There is a strong demand for retail goods and mobile commerce and people are jumping on the “e- commerce” bandwagon to seize on this opportunity.

“We are elated about this new partnership. Adding Soft Space’s mobile payment solutions to our existing DEC (Digital Marketing, E-Commerce, Contact Center) solutions will further increase the value of our digital transformation services for our clients, especially in the ASEAN market where we cannot ignore consumers’ shopping behavior in brick-and-mortar stores” - Masataka Okuda, the President & COO of transcosmos inc.

“As payments is integral part of any commerce, this partnership will position both companies to be the leading players in the region to help businesses transform digitally in all aspect and to monetize on the trend of e-commerce” - Chris Leong, Chief Strategy Officer of Soft Space.

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Fintech Hacks Session @ Universiti Teknologi Petronas by BNM & FAOM

Fintech Hacks Session @ Universiti Teknologi Petronas by BNM & FAOM - 17 May 2017

Perak, 17th May 2017 – Soft Space was invited by BNM & FAOM to give a talk at Universiti Teknology Petronas for “Fintech Hacks”, a new initiative that aims to identify pain points in the delivery and consumption of financial services, and solicit ideas using the application of technology to address the gaps.

Fintech Hacks Session @ Universiti Teknologi Petronas by BNM & FAOM

17 May 2017

Perak, 17th May 2017 – Soft Space was invited by BNM & FAOM to give a talk at Universiti Teknology Petronas for “Fintech Hacks”, a new initiative that aims to identify pain points in the delivery and consumption of financial services, and solicit ideas using the application of technology to address the gaps.

The “Fintech Hacks” call for participation is part of the Bank Negara Malaysia’s effort to involve the public in contributing their ideas and experience to spur and inspire the development of fintech solutions that have the potential to revolutionise the way financial services are delivered to consumers in Malaysia.

About Financial Technology Enabler Group (FTEG)

Established by Bank Negara Malaysia (BNM) in June 2016, the FTEG is a cross-functional committee responsible for formulating and enhancing regulatory policies to facilitate the adoption of technological innovations in the Malaysian financial services industry. Chaired by Encik Aznan Abdul Aziz, Director of the Financial Sector Development Department, it serves as BNM’s dedicated contact point for Fintech related queries including on regulatory matters related to the adoption of Fintech in the financial services industry.

The FTEG is part of BNM’s commitment to support innovations that will improve the quality, efficiency and accessibility of financial services in Malaysia. Find out more information about the FTEG at www.myfteg.com.

For more information, you can visit this website: http://www.bnm.gov.my/index.php?ch=en_press&pg=en_press&ac=4414

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SEAVCPE 2017 “Investments & Exits in Uncertain Times” @ Securities Commission, Kuala Lumpur.

SEAVCPE 2017 “Investments & Exits in Uncertain Times” @ Securities Commission, Kuala Lumpur. - 17 May 2017

Kuala Lumpur, 17th May 2017 – Malaysian Venture Capital & Private Equity Association (MVCA) organizes “SEAVCPE 2017” a yearly awaited conference continuously providing the awareness on industry's best practices and current challenges, understand various impacts, benefit opportunities and explore best alternatives of the venture capital and private equity industry in the region.

SEAVCPE 2017 “Investments & Exits in Uncertain Times” @ Securities Commission, Kuala Lumpur.

Kuala Lumpur, 17th May 2017 – Malaysian Venture Capital & Private Equity Association (MVCA) organizes “SEAVCPE 2017” a yearly awaited conference continuously providing the awareness on industry's best practices and current challenges, understand various impacts, benefit opportunities and explore best alternatives of the venture capital and private equity industry in the region.

Mr. Victor Chua

Gopi Partners - an early stage VC investor

Mr. Effendy Shahrul Hamid

CIMB Group - like many banks, they are actively engaging with the Fintech community.

Mr. Siew Yuen Tuck

Jirnexu Sdn Bhd - another up and coming fintech player in the financial comparison space

The people on the panel are integral parts of the Fintech ecosystem; they play different but complementary roles that would benefit Malaysia’s financial services sector.

For more information, visit here: http://www.mvca.org.my/

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PRESS RELEASE: Agreement of business partnership between Soft Space Sdn. Bhd. and Sumitomo Mitsui Card Company.

PRESS RELEASE: Agreement of business partnership between Soft Space Sdn. Bhd. and Sumitomo Mitsui Card Company. - 13 January 2017

Kuala Lumpur, 13th January 2017 – Sumitomo Mitsui Card Company (hereinafter “SMCC”) (Head office: Japan, CEO: Ken Kubo) and Soft Space Sdn Bhd. (hereinafter “Soft Space”) (Head office: Malaysia, CEO: Chang Chew Soon), a FinTech company, has signed a Memorandum of Understanding (MOU) to offer innovative payment solutions in Southeast Asia and Japan on 13th January 2017 at the Malaysian Investment Development Authority HQ in Kuala Lumpur.

PRESS RELEASE: Agreement of business partnership between Soft Space Sdn. Bhd. and Sumitomo Mitsui Card Company.

Kuala Lumpur, 13th January 2017 – Sumitomo Mitsui Card Company (hereinafter “SMCC”) (Head office: Japan, CEO: Ken Kubo) and Soft Space Sdn Bhd. (hereinafter “Soft Space”) (Head office: Malaysia, CEO: Chang Chew Soon), a FinTech company, has signed a Memorandum of Understanding (MOU) to offer innovative payment solutions in Southeast Asia and Japan on 13th January 2017 at the Malaysian Investment Development Authority HQ in Kuala Lumpur.

In 2014, SMCC started their Singapore office as their 2nd research office which mirrored the Silicon Valley office in the US (US office was opened in November 2012), researching on the FinTech landscape and its application to SMCC’s core business. The Singapore office focused on market research for business expansion in the Southeast Asia payments market. This Agreement is the first partnership and first step for SMCC to expand its business presence in Southeast Asia.

Founded in 2012, Soft Space provides mobile payment solution in both developed and emerging countries within the region and has presence in 10 countries, with over 20 banks and financial institutions licensing its mobile payment technology. With its fast growth, Soft Space is becoming the leading Fintech company in Asia.

Soft Space with its wide variety of innovative payment solutions such as a mobile Point of Sales (mPOS) has enable both large and small businesses in accepting payments. Leveraging on the growth of smart mobile devices, Soft Space provides easy integration for businesses to integrate into its Point of Sales (POS) or to any other third party applications. Powered by its centralized EMV level 2 processing technology, Soft Space’s solutions is nimble enough to serve various industries such as airline, insurance, logistics, and etc.

As part of the collaboration, SMCC will introduce Soft Space’s solution to Japanese companies and local banks that are in partnership with Sumitomo Mitsui Financial Group. SMCC, which has vast experience in a variety of payment solution, will provide suitable payment solutions based on the unique environment of Southeast Asia.

Through this alliance, SMCC will consider issuing co-branded card (Issuing business) and provide payment acceptance points to merchants (Acquiring business) in Southeast Asia. Simultaneously, SMCC hopes to introduce Soft Space’s solution in the Japan market to cater to the needs of its customers.

To date, SMCC has developed relationships with Fintech companies such as Square Inc. and Stripe Incs, which are US-based companies, by business and capital alliance. SMCC will continuously seek for new business alliance with all startups not exclusive to FinTech companies in Southeast Asia.

On congratulating Soft Space and SMCC on this collaboration, YB Datuk Chua Tee Yong, Deputy Minister of International Trade & Industry said, “The sealing of the collaborative venture between both companies today is a significant milestone not only for Soft Space, but also for Malaysia. This reflects that Malaysian technology companies are of international standards and able to meet stringent global requirements. The fact that SMCC, a member of the Sumitomo Mitsui Financial Group – a top Japanese conglomerate, have chosen a Malaysian company for its expansion into the ASEAN payment market, underscores the creative capabilities in the country.”

”I am happy to note that the incentives provided by the Government has accelerated Soft Space’s growth and innovative capabilities in a shorter period of time than expected. The assistance has enabled Soft Space to build a stronger R&D foundation and continuously introduce innovative products,” YB Deputy Minister further added. Soft Space has been granted the Domestic Investment Strategic Fund (DISF) and Pioneer Status Incentive for high technology industry by MIDA in December 2013.

“I am very happy with the collaboration as it is a strong testament of Malaysian talent and Malaysian’s ability to expand internationally”, said Chang Chew Soon, CEO of Soft Space. He added that SMCC embracement of Fintech provides evidence on the viability of Fintech and provides leadership to other banks in embracing Fintech.

Senior Managing Director and Representative Director of SMCC, Kazunori Okuyama said, “We are truly happy to announce the partnership with Soft Space and so excited to start working with their team in the ASEAN region and Japan. We strongly believe that the solution of Soft Space has huge potential for the payment innovation with their flexible technical ability and speed-to- market. That will definitely help us to expand our reach to new customers and new markets”.

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In The News: Yamato Bringing Card-On-Delivery Option to Southeast Asia

In The News: Yamato Bringing Card-On-Delivery Option to Southeast Asia - 28 September 2016

TOKYO – Yamato Holdings will soon let package recipients in Southeast Asia pay for goods by credit card upon delivery -- an important step for payment infrastructure in markets where e-commerce is expected to boom.

In The News: Yamato Bringing Card-On-Delivery Option to Southeast Asia

28 September 2016

Yamato Holdings will soon accept credit card payments on deliveries in Malaysia on a wide scale.

TOKYO – Yamato Holdings will soon let package recipients in Southeast Asia pay for goods by credit card upon delivery -- an important step for payment infrastructure in markets where e-commerce is expected to boom.

The Japanese logistics company has teamed with Soft Space, a leading Malaysian financial technology company, on a system enabling home delivery personnel to take credit- and debit card payments by using a card reader and a smartphone. Around 70% of Yamato's delivery staff in Malaysia will be equipped with the compact reader terminal by the end of October, covering the majority of the country. Service will be extended to outlying areas later on.

Many of Malaysia's online shoppers prefer to pay for their purchases upon receipt rather than at checkout due to concerns that they may not receive the product. By pairing reliable home delivery with credit card payment, Yamato aims to create a service that both online sellers and shoppers can trust.

Yamato has offered home delivery in Malaysia since 2011. A cash-on-delivery option is already in place. But cash payments can encounter hiccups if delivery staff run out of change, for example. Attempts to implement credit card payment on a broad scale, meanwhile, have been stymied by a lack of suitable mobile card readers. The company hopes the smartphone-based system will solve the problem. It weighs one-quarter of what the other devices do and costs 40% less to implement.

For the original and full post, kindly visit Nikkei Asian Review

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