FinTech firm Soft Space announced capital alliance with GMO Financial Gate

Soft Space, a fintech-as-a-service (FaaS) company with its headquarters in Malaysia, has announced a capital alliance with GMO Financial Gate, Inc., one of the biggest payment processing companies in Japan, which has been a longstanding partner.

This investment from GMO-FG precedes Soft Space’s anticipated Series C funding round, which is intended to help the company transition to a cashless Japanese society, the company said in a statement on Monday.

As per the announcement, the goal of this capital alliance is to achieve widespread acceptance of cashless payments in multiple industries, such as transportation, hospitality, and the broad food and beverage (F&B) domain.

Soft Space stated that the company is prepared to investigate new prospects in industries that have historically relied on cash transactions by utilizing GMO-FG’s broad clientele.

It stated that the shift to cashless payments is expected to increase tourism spending by providing a more convenient shopping experience, as Japan is a popular travel destination for foreign visitors.

“I’m grateful for GMO-FG’s trust in us and excited to take our relationship to the next level,

“The synergy and mutual understanding we’ve developed through collaboration are invaluable,” said Joel Tay, Chief Executive Officer of Soft Space.

He claims that since the company’s SoftPOS solution became certified as the first mobile payments on commercial off-the-shelf (MPoC) Solution Provider globally on February 27, 2024, it has played a significant role in enabling cashless societies all over the world.

“Our ability to deploy rapidly from Malaysia to Japan and beyond showcases our agility and market readiness,

“By ensuring full certification, we’re poised to support our clients, both current and future, in entering a global SoftPOS market that is potentially worth USD1.04 billion in annual sales by 2030,” he added.

It should be mentioned that the capital alliance has already achieved its first milestone with the live implementation of stera tap, the first MPoC-certified SoftPOS solution in Japan. This shows how well technological innovation and GMO-FG’s payment network work together.

Stela is essential to Sumitomo Mitsui Card Company’s (SMCC) plan to spearhead Japan’s cashless payment revolution, the company claims.