Tokyo, Japan – JCB, a multinational payment firm, has announced the expansion of its global partnership with Canadian fintech company Nuvei to further include Singapore and Hong Kong.
The recently expanded initiative enhances the company’s existing collaboration with JCB in Europe, aiming to strengthen Nuvei’s position in the Asia-Pacific e-commerce market.
With the alliance, Nuvei will now enable JCB acceptance across its global merchant ecosystem, allowing over 158 million JCB card members to make direct payments to online businesses integrated with Nuvei. This solution is notably beneficial for the company’s clients in the said region, such as e-commerce brands like Charles & Keith.
It also complements Nuvei’s ongoing strategic investments in the APAC region, with the company being recognised as a fully licensed direct local acquirer in Singapore and Hong Kong. It has recently obtained a Major Payment Institution (MPI) license in Singapore.
The company’s modular payments platform allows clients to securely connect with customers in more than 200 markets globally using a single integration. This move further enables the acceptance of 716 alternative payment methods and offers acquiring in over 50 markets.
The extensive reach and flexibility are further valuable in the expanding e-commerce markets in Singapore and Hong Kong.
Philip Fayer, chair and CEO at Nuvei, said, “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.”
Hiroko Michishita, managing director at JCB International Asia Pacific Pte. Ltd. further remarked, “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,” she added.
