SOCASH and JCB set sights on Cardless Currency Exchange
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 visitwww.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