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Promoting growth of cashless transactions in ASEAN

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Cashless transactions are a development that has helped make life safe and convenient, especially during the time when everything must be done contactless or online.However, cashless transactions are fairly new to some countries like those in Southeast Asia. Despite seeing the benefits it brings, people will always be skeptical about new technology and worry about its security - what more when it concerns their hard-earned money. There are also members of the population who are not as tech-savvy and are hesitant to try.There is so much growth potential in these countries and fear should not be the reason keeping them from growing financially. The challenge is to recondition the minds of citizens and show them products and services that they know they can easily use and trust for their money. So, to win these markets and help countries like the Philippines reach full economic growth, JCB Co., Ltd., one of the pioneers of credit card technology in Japan since 1961 and Japan&#x27;s international payment brand, has entered a new theme of business functions to create services that will help benefit and elevate the lives of Filipinos and other ASEAN member states.Bank account and credit card ownership is still low in Southeast Asia compared to other regions; however, these countries are also some of the biggest smartphone markets in the world with a high number of smartphone purchases and usage. Because of this, JCB has been planning on creating and providing new solutions to potential customers by creating smartphone-based marketing and solutions.Creating fast, secure, and high-quality cashless transaction services that have international reach will help enable businesses to grow rapidly, aid a country&#x27;s development and growth.To give proper attention to the Southeast Asian region, JCB has established the ASEAN Business Enhancement and Creation Department in Singapore under its subsidiary, JCB International Asia Pacific Pte Ltd. The new department aims to further expand its reach and look for potential business partners in countries that need innovative technologies to keep up with economically developed countries.<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Virtual signing ceremony between Yoshiki Kaneko, Senior Executive Officer of JCB Co., Ltd / President &amp; COO of JCB International Co., Ltd., and Joel Tay, Chief Executive Officer of Soft Space. Photo source: JCB" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2022/advertorial/03/31/jcb.jpg"/><figcaption>Virtual signing ceremony between Yoshiki Kaneko, Senior Executive Officer of JCB Co., Ltd / President &amp; COO of JCB International Co., Ltd., and Joel Tay, Chief Executive Officer of Soft Space. Photo source: JCB</figcaption></figure></div>As a result of this venture, JCB has invested about five million dollars in Malaysian fintech company SoftSpace. They have now been granted a license by JCB to issue their cards and acquire merchants. Their tap on mobile devices will be enabled to accept JCB cards.JCB has already been developing and delivering innovative technologies all around the globe and the new venture will also help enable the development of new businesses for both JCB and SoftSpace, and new payment services in partnership with locally-based financial institutions, start-ups, and Japanese companies that are upscaling in the region. The Southeast Asian region has so much growth potential and with the right technology, assistance, and cooperation, countries with an emerging market like the Philippines may grow at an all-time high.Become a partner of JCB by visiting its <a href="https://www.global.jcb/en/index.html">website</a>. Follow JCB&#x27;s <a href="https://web.facebook.com/JCBPhilippines/?_rdc=1&amp;_rdr">Facebook page </a> or <a href="https://www.instagram.com/jcb.ph/">Instagram account</a> to know more about the services on offer.

Seeing the potential of the ASEAN region as an emerging market, this Japan-based international credit card expands its business venture.

Promoting growth of cashless transactions in ASEAN

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Promoting growth of cashless transactions in ASEAN

JCB

Published Apr 08, 2022 05:24 PM PHT

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Southeast Asia

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credit card

cashless transactions

Japan

Malaysia

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