Soft Space, the fintech-as-a-service company, has announced a capital alliance with its long-standing partner, GMO Financial Gate, Inc., which claims to be one of Japan’s largest payment processing companies.
This investment from GMO-FG comes before Soft Space’s planned Series C funding round, combining their strengths “to spearhead the transition of Japanese society to a cashless one.”
According to a note shared with CI, this alliance is expected to transform the payments landscape in Japan.
Leveraging GMO-FG’s extensive client network, Soft Space is poised “to push the mass adoption of their patented SoftPOS technology (which can turn a smartphone or tablet into a secure contactless payment terminal) in sectors traditionally reliant on cash transactions, including transportation, hospitality, and the extensive food and beverage (F&B) sector. It puts them in prime position to capitalize on a cashless payment market that was valued at approximately US$650 billion as of 20201 and continues to rise today.”
This development reportedly marks the first live deployment of an MPoC-Certified SoftPOS solution in Japan.
The capital alliance has already “marked its first achievement with the live deployment of stera tap, Japan’s first MPoC-certified SoftPOS solution.”
The MPoC certification, given by the authoritative payment standards body (PCI), is the most complete certification “for SoftPOS solutions to date. This milestone will empower other banks and acquirers to enter a global SoftPOS market that is potentially worth USD1.04 billion by 2030.”
Joel Tay, CEO of Soft Space, stated:
“The synergy and mutual understanding we’ve developed through collaboration are invaluable. Since achieving the world’s first MPoC Solution Provider certification on February 27th, 2024, our SoftPOS solution became a force in enabling cashless societies around 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. ”