JCB International, the sole international payment brand from Japan, and Nuvei, a prominent Canadian FinTech company, are taking significant steps forward in the Asia-Pacific (APAC) region.
This strategic move involves extending their existing partnership to encompass markets in Singapore and Hong Kong, further embedding Nuvei’s footprint in the swiftly growing APAC eCommerce sphere.
The essence of this partnership lies in its potential to drive mutual growth and market penetration. By incorporating Singapore and Hong Kong into their collaborative efforts, JCB and Nuvei are not just enhancing their service offerings but also laying a foundation for substantial market expansion. This development is especially pivotal for Nuvei’s clientele in APAC, including top eCommerce players like Charles & Keith.
JCB stands as Japan’s exclusive international payment brand, known for its expansive network that supports over 158 million cardmembers globally.
Nuvei, on the other hand, excels in providing comprehensive payment solutions through its modular payments platform, which simplifies global transactions for businesses by consolidating multiple payment methods and currencies into a single streamlined process.
platform, known for its adaptability, supports connections with customers across more than 200 markets worldwide, accepting 716 alternative payment methods and facilitating acquiring services in over 50 markets.
The eCommerce markets in Singapore and Hong Kong are on a rapid growth trajectory, with projections indicating significant increases in gross merchandise values over the coming years.
From a strategic perspective, this expansion not only complements JCB’s long-term growth plans but also aligns with Nuvei’s goal to empower businesses with robust, scalable payment solutions. The synergy between JCB’s transactional prowess and Nuvei’s technological infrastructure is poised to catalyse eCommerce activities in the region.
Nuvei’s chair and CEO, Philip Fayer, remarked, “Extending our partnership with JCB to Singapore and Hong Kong enhances our service offering for businesses in strategic APAC markets and demonstrates our commitment to providing comprehensive payment solutions that drive growth for our clients globally.”
JCB International Asia Pacific Pte. Ltd.’s managing director, Hiroko Michishita, said, “Between 2021 and 2022, JCB has almost doubled the volume of ecommerce transactions in Singapore. While East Asia is our traditional stronghold, we have seen substantial growth in our ASEAN card base of 132% from 2018 to 2023.
“Nuvei’s latest expansion into Singapore and Hong Kong complements JCB’s long-term growth strategy. We are confident that Nuvei’s presence in Asia will enable both companies to work closer together and quickly achieve substantial sales volumes.”
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