The volume of contactless mobile payments, which is on the rise globally, is expected to exceed US$10 trillion by 2027. More than 3.2 million devices were SoftPOS-enabled as of 2021, a number that is expected to grow by 24 million, or 8X the present figure,
in 2026.
This is a trend that Soft Space Sdn. Bhd. (Soft Space), a Malaysia-based pioneer in financial technology (FinTech), has anticipated and capitalised on by targeting a global market with its innovative contactless payment solutions.
Founded in 2012, Soft Space serves over 80 financial institutions (FIs) and ecosystem partners across 30 markets worldwide with its patented full-stack payments platform. The platform enables financial institutions and their merchants to easily adopt digital payments, thus empowering non-financial businesses to foray into the world of embedded finance.
“Our goal is to ‘Reshape Finance,’ challenging the status quo of how payments are done today,” says Joel Tay, Chief Executive Officer of Soft Space. “From our flagship world’s first SoftPOS with PIN authorisation to our digital (e-wallet) issuing-as-a-service solutions, our partners, clients, and standards bodies have always validated our innovative, class-leading solutions that address what the market needs.”
Today, Soft Space has a strong presence in Asia Pacific; Europe, Middle East and Africa; and Latin America, working closely with top acquirers such as JCB, Commonwealth Bank of Australia, CTBC Bank, Kasikornbank, Zettle by Paypal, and Tyro Payments, to enhance customer experiences, streamline payment processes, and drive financial inclusion across diverse geographies.
Coming off the back of the completion of its Series B1 funding round in April 2023 at US$31.5 million, Soft Space serves more than 15 market verticals, including the airline, automotive, banking, healthcare, telecommunications, logistics, transportation, food and beverage, and lifestyle sectors.
Transforming to make a difference
Undergirding its goal is Soft Space’s full-stack payment FinTech platform, which offers cost-effective FinTech services to FIs worldwide. Like today’s giant cloud providers providing IT services on a consumption-based model, Soft Space aims to provide FinTech under the “as-a-service” model, thereby becoming the FinTech platform provider of choice for global organisations.
Soft Space’s aim is to help these global FIs and organisations wanting to embed finance into their operations to move and innovate quickly, so that they can not only ensure that their customers have increased brand recognition and loyalty to their products, but also help them localise and customise these products, depending on which markets they are in.
Its flagship SoftPOS solution, dubbed Fasstap™, supports all major mobile operating systems in the market including Apple’s iOS, Google’s Android, and Huawei’s HarmonyOS, which means it has breadth and width unmatched by other SoftPOS providers.
It also has the backing of many international card schemes, including Visa, Mastercard, American Express, JCB, UnionPay and Discover, and supports many domestic card schemes such as eftpos, MyDebit, Mada, and Napas, which explains why Fasstap™ is the most deployed SoftPOS solution in the world.
Used primarily as a contactless payment method, Fasstap™ has also found innovative usage as a transit validation mechanism; for instance, revenue protection officers from Australia’s Transport for New South Wales can check in real-time whether commuters’ fare payments have been made, thereby tackling fare evasion.
Besides advancing card acceptance, Soft Space also focuses on enabling companies seeking to get into embedded finance through its digital-issuance-as-a service business. Smaller businesses, which often do not have the relevant technical expertise, can have the option to choose a white-label e-wallet solution while larger organisations that are better equipped can opt for a more advanced software development kit option to build their own digital wallet payment ecosystems.
Either way, they will not only be able to issue e-wallets but also physical and virtual cards to their customers. Even government agencies can serve their constituents better by issuing state-backed e-wallets for welfare disbursement and other lifestyle-related financial services.
Whether it’s promoting merchant acceptance or empowering companies with its digital-issuance-as-aservice products, Soft Space is committed to financial inclusion by increasing accessibility and scalability of cashless payments, reducing transactions costs, boosting small business growth, and helping underserved communities and uplifting them so that they will not be left behind in the FinTech revolution.
Conquering the next frontier
Soft Space has experienced major successes in its decade-long journey due in large part to its strategic and valuable partnership with the Malaysia Digital Economy Corporation (MDEC) via MDEC’s Global Tech Fund as well as the Gateway, Amplification, Investment, Nurturing (GAIN) programme, which the company has been part of since 2017.
Aimed at empowering Malaysian technology firms to grow both regionally and globally, the GAIN programme has proved a valuable growth pillar with its soft landing in 17 markets covering ASEAN, Japan, Australia, and Dubai (for the Middle East). Since 2016, a total of 70 GAIN companies have brought in new contracts worth more than US$1.8 billion.
Recognising its strong potential, Soft Space was recently onboarded in to MDEC’s Founders Centre of Excellence (FOX) programme. The FOX programme, introduced in 2022, identifies and nurtures high-growth technology companies headquartered in Malaysia to become national
scale-up tech icons. The programme offers more bespoke interventions and facilitation in areas such as policy, business expansion, high-value investments, amplification & consultancy, talent acquisition, and mentoring.
In only a short decade, Soft Space has become a global FinTech leader driven by its commitment to innovation, growth, and market adaptability. With its strong financial foundation, strategic partners, and a significant market opportunity, Soft Space has time and again proven that it understands the pulse of the FinTech payments industry, and will continue reshape the global financial landscape in the future.
Kenneth Tan; Managing Director, Southern Capital and Joel Tay; Chief Executive Officer, Soft Space
