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.
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