Visa announced today that Soft Space Sdn Bhd is its first fintech partner in Malaysia to join Visa’s Fintech Fast Track programme, which allows participants to build and deliver new commerce experiences over Visa’s payments network.
Both companies will work together to offer start-ups and technology companies the opportunity to work with Soft Space to launch Visa prepaid card products in Malaysia. This solution is introduced through Soft Space’s wholly-owned subsidiary, Fass Payment Solutions Sdn Bhd (Fasspay), which is an e-money licence holder regulated by Bank Negara Malaysia.
“In an age where digitisation is integrated into the lives of many people, there are huge opportunities for start-ups and technology companies to transform their business offerings to consumers,” says Ng Kong Boon, country manager of Visa Malaysia.
“We will work closely with Soft Space to support their growth in creating digital payment products that are relevant to the needs of our cardholders in the country.”
Soft Space is a leading Southeast Asian fintech company headquartered in Kuala Lumpur. It develops innovative payment services for the banking and financial industry, aimed at simplifying financial infrastructure.
“By joining Visa’s Fintech Fast Track program, our partners are able to introduce their own Visa prepaid cards, thereby offering more features including expense tracking and worldwide acceptance,” says Joel Tay, Soft Space CEO.
“Moreover, partners will not have to deal with complex technology and regulatory approval issues, thereby enabling them a quicker go to market in a cost-effective manner especially during uncertain economic times.”
The Visa Fintech Fast Track programme makes it easier for fintech companies to access the global Visa payments network, through a new commercial framework that includes eased access to Visa’s payment capabilities, and streamlined processes to support companies of different sizes and at different growth phases.
The programme is part of Visa’s global strategy to open up its network and support a broad range of players that are developing new commerce experiences.
This is the second collaboration between both companies. In June 2019, Soft Space and Visa collaborated on the development of Maybank’s Tap2Phone solution, which supports PIN-based contactless card acceptance on NFC-enabled (near-field communication) Android smartphones.