Soft Space Forms A Strategic Alliance With Jewel Paymentech

Kuala Lumpur, 15th October 2018 – Soft Space Sdn. Bhd., Asia’s leading financial technology company, has signed a memorandum of understanding (MoU) with Jewel Paymentech Pte. Ltd., a financial risk technology company, aimed at combining the technological strengths of both companies through the use of open application programming interfaces.

Soft Space is a leader in the development of innovative mobile payment technologies aimed at simplifying the complexity of digital financial transactions whereas Jewel Paymentech is a specialist in financial risk solutions for the banking and electronic payment industry. By working together, both companies will be able to leverage off each other’s strengths to advance payment technologies in Southeast Asia.

Soft Space plans to capitalise on Jewel Paymentech’s suite of financial risk solutions for third-party acquiring services, which includes its merchant electronic “Know-Your-Customer” (eKYC) and on-boarding platform as well as its fraud protection technology. The collaboration will allow Soft Space to conduct merchant due diligence thoroughly and manage end-to-end transaction fraud risk effectively through the use of predictive analytics. This tie-up is expected to enhance Soft Space’s solution capabilities to better serve its customers  

Earlier this year, Jewel Paymentech forged a capital alliance with Japan’s largest payment processor, GMO Payment Gateway, that enables them to make their entry into the Japanese market. Soft Space, on the other hand, has gone through a series of investments from two different Japanese conglomerates; transcosmos inc. and Sumitomo Mitsui Card Company, and with this collaboration, they plan to work together to venture into the Japanese market hand-in-hand to boost their company’s portfolio and business opportunities.

Soft Space plans to venture into Singapore’s dense fintech space with Jewel Paymentech’s support, given their local established presence in the country, which is often hailed as the fintech hub in Southeast Asia

“We are in the process of rolling out a new payment method, which is the first in the world, by year-end with Jewel Paymentech and we’re excited to share this news,” said Joel Tay, Chief Executive Officer of Soft Space. “The strategic alliance with Jewel Paymentech is a perfect match to complement Soft Space’s technical expertise and it will enable us to provide cutting-edge, next-generation payment platforms for all transacting electronically.”

“Our payment network, payment gateway, bank and marketplace clients will certainly benefit greatly from this strategic alliance,” said Sean Lam, the Chief Executive Officer of Jewel Paymentech. “We look forward to being able to close the loop and provide turnkey payment technologies to enable safe offline and online commerce. This essentially allows any bank to become a full-fledged competitor to Stripe and Paypal,” he added.


About Soft Space Sdn. Bhd.

Founded in 2012, Soft Space is a leading FinTech player in the ASEAN region headquartered in Kuala Lumpur, Malaysia. Soft Space simplifies the complexity of financial infrastructures and creates value-added features for businesses to expand their business growth. With over 20 financial institutions in 11 countries adopting its solution, the company is now gravitating towards expanding into omnichannel payments that include the adoption of artificial intelligence, QR code payments, E-wallet systems and money lending schemes.

In February 2018, Soft Space was ranked 66th of 1000 companies in the Financial Times ‘FT1000: High Growth Companies in Asia Pacific’ Special Report. This report highlights the top FinTech companies with the highest growth rates in the Asia Pacific region and they have been listed 2nd of 97 chosen companies in Malaysia, that highlights the potential market and growth developments that the fintech industry in Malaysia has to offer.

For more information, please visit

If you are interested in following up with an interview to learn more about the MoU with Joel Tay, CEO of Soft Space, please contact:

Soft Space Sdn. Bhd.
Sara Halysa
Communications Executive
Email: [email protected]
Tel: +603 7494 1222


About Jewel Paymentech Pte. Ltd.

Jewel Paymentech is a financial risk technology company founded in 2014 with a mission to develop intelligent risk solutions for the banking and electronic payments industry. Jewel provides a complete suite of intelligent solutions to solve gaps in ePayment acceptance such as instant on-boarding, merchant due diligence, transaction laundering, counterfeit & illegal product management as well as transaction fraud management using predictive analytics.

Based in Singapore with offices in Malaysia and Hong Kong, Jewel Paymentech currently provides ePayment AI risk management to the region’s largest banks and payment networks.

For more information, please visit


If you are interested in following up with an interview to learn more about the MoU with Sean Lam, CEO of Jewel Paymentech, please contact:

Jewel Paymentech Pte. Ltd.
Wooi Siang Lee
Email: [email protected]
Tel: +65 6681 6720

Post link

15 Oct / 2018

Managing AML/CFT risk for Instant Merchant On-boarding.

ekyc, instant on-boarding, digitisation, fintech, regtech, sandbox – these are the buzz words that are often thrown around. Spoken by many but understood by few.

Every payment provider is looking at some form or shape ways to reduce the time to issue QR codes, install contactless terminals or provide access to their internet payment gateway. Some banks have even attempted to slap on a “web form” and subsequently calling it a day.

Here are the nuts and bolts to make your instant merchant on-boarding closer to reality.

The golden SEVEN in mitigating AML/CFT risk

Let’s begin with FATF (Financial Action Task Force) guidance for a risk based approach for New Payment Products & Services (NPPS). The inter-governmental body have published guidelines on how to mitigate AML/CFT risk specific to NPPS.

In the following FATF-NPPS risk matrix table, there are total of seven broad criteria and we have mapped out the content in lowering the risk score for each of these.

(Click to enlarge)

Step 1: Form your BART team

FATF guidance actually recognises the need for a risk based approach on NPPS given that an overly cautious approach to AML/CFT set of controls may result in unintended consequences of excluding entities from the financial system and thereby compelling them to use services that are not subject to regulatory and supervisory oversight.

The very first thing that needs to be done is for stakeholders within your organisation is to form a steering committee with senior leaders from the payments business, audit, risk and technology (Let’s call them BART). A senior management buy-in is a must as a successful NPPS project will require risk based approaches that will likely entail policy changes.

Start by stating the business objectives. Be specific. Instant on-boarding can mean many things to many people. State clearly if it’s instant approval, provisional approval, instant collection, instant activation, next day etc.

Step 2: FATF Risk Matrix mapping

A risk based approach requires your BART committee to focus on risk exposure mapped to the probability factor. Implement all the required controls to mitigate this exposure. A BART team that consist of experienced risk professional team members will be able to propose sophisticated controls to not only address AML/CFT requirements but also fraud risk and new business requirements.

For example, on the value limits risk criteria, you should consider having dynamic transaction amounts and frequency limits based on merchant categories; where more stringent controls are implemented on new accounts vs. known accounts. These controls should be as automated as possible.

Step 3: Use technology to enable your process and controls

The technology should support the processes and controls that you wish to implement. NOT the other way around.

Work with a technology provider that understands how to enable your payments business. There are lots of ground to cover as far as AML/CFT is concerned. Having deep tech and deep expertise across payments risk management will make the journey towards instant on-boarding a lot smoother. A robust origination platform will allow you to implement flexible AML controls, talk to other core systems, manage legacy platforms and deal with exception flows.

The biggest mistake that a financial institution can make is to first purchase some payment technology that has a “KYC” / “Digitisation” module and then figuring out how to make everything else revolve around it.

Post link

10 Sep / 2018

Let’s Connect at Mastercard

Looking for an e-Commerce merchant protection solution that’s pocket-friendly yet big on features?

Come find us at the 2018 Mastercard Global Risk Leadership Conference and let’s chat!


Post link

30 Jul / 2018