Singapore’s SOCASH debuts abroad thru teamup with JCB in Japan

Singapore-based fintech startup SOCASH is venturing into the foreign exchange market with plans of a global partnership with JCB, the dominant card issuer and acquirer in Japan.

This collaboration is an initiative to offer a cardless cash withdrawal service at highly competitive FX rates, eliminating chances of exorbitant withdrawal fee at ATMs.

The planned service will add convenience and safety to Japanese tourists visiting popular locations in Southeast Asian countries which have very low card penetration and high card fraud risks. Together, they plan to bring this service into effect after Spring 2020.

Through this partnership, SOCASH aims to completely negate the risks involved in using ATMs while travelling overseas. This collaboration will also benefit travellers who are on the lookout for best foreign exchange rates as this service will offer low exchange rates compared to moneychangers.

“ASEAN tourism is growing exponentially. As travel patterns shift beyond popular cities, it’s often hard to find an ATM or a moneychanger,” said Hari Sivan, CEO of SOCASH.

“This partnership is set to add convenience to the travellers and diversify our offerings as we move beyond the conventional foreign exchange services for adventurous people travelling far and wide,” he said.

Since the public launch of this service in March 2018, users of SOCASH have reached over 130,000 among a population of 5.6 million in Singapore and processed over 1.5 million transactions with 1,400 merchants in partnership.