English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 16 October 2019, 16:00 HKT/SGT
Share:
        

Source: JCB / SOCASH
SOCASH and JCB set their sights on Cardless Currency Exchange service for Tourists
JCB card users from Japan will be able to use SOCASH app for convenient cash access across the ASEAN region as a safer and cost-effective alternative to moneychangers

SINGAPORE & TOKYO, Oct 16, 2019 - (ACN Newswire) - SOCASH, a Singapore-based fintech startup, today announced its' foray into the foreign exchange market with plans of a global partnership with JCB Co., Ltd., the international payment brand and dominant card issuer and acquirer in Japan. This collaboration is an initiative to offer cardless cash withdrawal services at highly competitive FX rates, eliminating chances of extreme withdrawal fees at ATMs. The planned service will add convenience and safety for Japanese tourists visiting popular locations in Southeast Asian countries, which have very low card penetration and high card fraud risks. Together, they plan to bring this service into effect after Spring 2020.


To use this service, consumers will need to initially register their credit card information on the SOCASH app, using their smartphones to withdraw cash without having to use their cards at multiple outlets and convenience stores. In order to eliminate the risk of card theft or skimming, JCB and SOCASH plan to incorporate best in class security measures including tokenization, a 2nd factor authentication method to ensure reliability and security for cardmembers while using the app.

Through this partnership, SOCASH aims to completely negate the risks involved in using ATMs while travelling overseas. This collaboration will also benefit travelers who are on the lookout for best foreign exchange rates as this service will offer low exchange rates compared to moneychangers.

SOCASH CEO, Hari said, "ASEAN tourism is growing exponentially. As travel patterns shift beyond popular cities, it's often hard to find an ATM or a moneychanger. This partnership is set to add convenience for travelers and diversify our offerings as we move beyond the conventional foreign exchange services for adventurous people travelling far & wide."

Since the launch of SOCASH services in March 2018, users have surpassed 130,000 among a population of 5.6 million and processed over 1.5 million transactions with 1,400 merchants in partnership. The company raised US$6 million in its latest series B funding round led by Glory Ltd in July, and is looking to scale up its penetration in ASEAN markets including Malaysia, Indonesia and Hong Kong.

About SOCASH
SOCASH is a Singapore-headquartered FinTech company that aims to improve cash distribution and liquidity management by creating the largest cash network in the world powered by mobile devices. The goal is to convert every shop and customer into a virtual cash distribution network starting in Asia. The company is the first recipient of the Monetary Authority of Singapore's FTSI Grant under the Proof of Concept scheme. The company is backed by prominent venture capital firms including Vertex Ventures (VC subsidiary of Temasek Holdings), Glory Ltd, Standard Chartered Ventures & SPH Ventures. For more information about SOCASH, please visit www.socash.io

About JCB
JCB is a major global payment brand and a leading payment card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding worldwide in 1981. As part of its international growth strategy, JCB has formed alliances with hundreds of leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payments solution provider, JCB is commited to providing responsive and high-quality services and products to all customers worldwide. For more information: www.global.jcb/en.

SOCASH Contact:
Dipti Jaiswal
dipti@redhill.asia
Tel: +65 8339 3149


Topic: New market for product
Source: JCB / SOCASH

Sectors: Cards & Payments, Blockchain Technology, Banking & Insurance, PE, VC & Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

JCB Related News
Tuesday, 20 February 2024, 12:00 JST
JCB and The Bicester Collection expand their partnership to offer more luxury shopping opportunities for Asian travellers
Thursday, 15 February 2024, 11:00 JST
JCB Cards are now accepted at Maybank merchant terminals in Singapore
Tuesday, 13 February 2024, 14:00 JST
JCB partners with Giift to provide JCB special offers to inbound tourists to UAE
Monday, 5 February 2024, 12:00 JST
JCB and Tokyo Metro to launch special gift promotion for JCB cardmembers outside Japan
Wednesday, 31 January 2024, 10:00 JST
JCB Offers Exclusive 10% Cashback Promotion for Taiwanese Cardmembers on Purchases in the U.S.
More news >>
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575