JCB and SOCASH target Cardless Currency Exchange for Tourists

Dipti Jaiswal from SOCASH
18 Oct 2019

Singapore / ACNnewswire - SOCASH, a Singapore-based fintech startup, today announced foreign exchange (FX) plans and a global partnership with JCB Co., Ltd., the international payment brand from Japan. The collaboration aims at cardless cash withdrawal services at highly competitive FX rates. The service aims at providing safety and convenience for Japanese tourists in SEAsian countries, which have low card penetration and high card fraud risks, when it comes into effect after Spring 2020.

To use this service, consumers 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.

SOCASH CEO Hari Sivan 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. It raised US$6 million in its latest series B 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 backed by prominent venture capital firms including Vertex Ventures (VC subsidiary of Temasek Holdings), Glory Ltd, Standard Chartered Ventures & SPH Ventures. Please visit www.socash.io.

About JCB 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.

For more information, please contact:
Dipti Jaiswal
SOCASH
dipti@redhill.asia


Singapore

Category: Mobile Payments
Back To All Press Releases

Powered by

EBICS::BOX
How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.

Railslove
Railslove - Ruby on Rails, JavaScript, and HTML5 web development. We're a team developing products for the web. Web apps are more than our daily business. We closely accompany our clients throughout the process of turning an initial idea into a product ready to launch - and beyond.

Subscribe to FinTechWeekly

* indicates required
How did you hear about FinTech Weekly & FinTech Press Releases?
Please tell us your age:
Do you work in the fields of banking, finance, etc
欧美观看免费全部完_苍井空免费av片在线观看_乱人伦中文视频在线