Soft Space, a Southeast Asian white-label mobile point-of-sale (PoS) platform maker, has acquired Malaysia-based payment service provider Fasspay. The acquisition price was undisclosed.
Soft Space partners with 14 banks in the Southeast Asia region, where its PoS systems are used. Clients include CIMB Group, an investment bank in Asia outside of Japan.
The acquisition is set to enable Soft Space to add companies in the retail, aviation, and automobile industries, including Air Asia and Toyota, to its list of customers. Soft Space will also be able to access small-to-medium enterprises via the Malaysian government’s SME Corp initiative, as Fasspay is an appointed merchant acquirer.
“Our philosophy is to empower banks with our mobile card acceptance technology to support all types of merchants,” said Chang Chew Soon, founder and chief executive (CEO) of Soft Space.
“Traditionally, the banks’ focus has been on provision of card processing services to merchants only. Payment service providers allow banks to grow their respective market share quicker, as well provide managed services and support. Through Fasspay, Soft Space can now cater directly to merchants’ demands for a slew of value added services to mobile payments.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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