Investment with Soft Space contract Basic Agreement
~Accelerating the terminal-less payment service "Fasstap"~
March 21, 2024
GMO Financial Gate, Inc.
GMO Financial Gate, Inc. (President & Chief Executive Officer: Kentaro Sugiyama, hereinafter referred to as "GMO-FG"), a consolidated company of GMO Payment Gateway, Inc. of the GMO Internet Group that develops payment processing business services such as face-to-face credit cards, has announced that Soft Space (Headquarters: Kuala Lumpur, CEO: Joel), a Malaysian fintech company that provides payment services in Asia, is a Malaysian fintech company that provides services in Asia Tay (hereinafter referred to as "Soft Space") and we are pleased to announce that we have reached a basic agreement to conclude an investment contract through convertible bonds (*1).
(From left to right: Mr. Sugiyama and Mr. Tay)
Through the conclusion of this contract based on the basic agreement, the two companies will leverage their unique strengths to promote the spread of contactless and cashless payment. GMO-FG will provide customers with "Fasstap" (*2), Soft Space's innovative terminal-less payment service. Soft Space aims to leverage GMO-FG's customer base to promote cashless payment in a wide range of sectors, including public transportation, accommodations, and restaurants.
- *1 Convertible bonds are bonds that are granted the right to convert the invested amount into shares in the event of a violation of certain predetermined trigger clauses. The trigger clause in this case will result in Series C funding by Soft Space.
- (*2) A payment service provided by Soft Space that supports NFC touch payment by simply installing a dedicated application on a commercially available tablet or smartphone without the need for a payment terminal.
■Soft Space CEO Joel Tay's comment
The upcoming contract will further strengthen the relationship between GMO-FG and Soft Space, accelerating Soft Space's business foundation and the promotion of contactless payment in Japan markets. The funds raised will be used to enhance the company's payment platform, increase its presence in Japan, and enable the adoption of our payment services across a variety of retail businesses. Together with GMO-FG, we will move forward toward the realization of a cashless society in Japan.
■ GMO Financial Gate, Inc. President & Chief Executive Officer Kentaro Sugiyama Comments
Since the start of our collaboration with Soft Space in 2018, we have built a close relationship through the linkage between Fasstap, a terminal-less payment service provided by Soft Space, and GMO-FG's payment network. The conclusion of this contract will further accelerate the cooperative relationship between the two companies and contribute to the growth of the Japan face-to-face cashless payment market.
The partnership between GMO-FG and Soft Space is a commitment to the common goal of promoting cashless payments in Japan.
GMO-FG has 24 years of Actual experience since its establishment in July 1999 as a payment processing company centered on credit and debit payments at face-to-face storesWe have built trust. As a joint use center that supports IC cards, we are committed to innovating the industry with economic rationality and technological advancement. In addition to CCT terminals (shared-use terminals) such as stationary and mobile devices, we also provide embedded payment services for automatic payment machines for hospitals and golf courses, and will contribute to society as a change leader in cashless payments.
[About Soft Space]
Founded in 2012, Soft Space is a fintech company based in Kuala Lumpur, Malaysia. It serves more than 90 financial institution and partners in more than 30 global markets, offering a wide range of solutions, including contactless payment through mobile devices and white-label e-wallet services. By leveraging these technologies, issue issues and financial institution can promote digital payment and better understand customer demand. Soft Space leverages its expertise and patented technology in mobile contactless payment with the goal of making card payment around the world innovative.
For more information about Soft Space, please visit:
https://www.softspace.com.my/
