<article>Mobile payments technology provider Soft Space International has made its maiden acquisition, by acquiring the Malaysian payment service provider Fasspay, for an undisclosed amount.</article>

Mobile payments technology provider Soft Space International has made its maiden acquisition, by acquiring the Malaysian payment service provider Fasspay, for an undisclosed amount.
The deal was rumored to in the eight figure range and was paid for partly in cash and partly in Soft Space equity.
The move has secured Soft Space’s position as one of the foremost regional players in the the merchant acquiring space. Synergies with Fasspay will help the company further extend its payment services and solutions, directly to the merchants.
In a post acquisition statement, Soft Space officials said that the company, which has been in operation for three years, will maintain its focus on enhancing and providing its ‘white label’ mobile point-of-sales (mPOS) solution to the banks and the financial institutions. Meanwhile new investments will made for developing merchant-centric payment products and solutions that support the mPOS technology; all this is expected to go through with the newly acquired Fasspay playing a key role as the distribution channel.
Chief executive Chang Chew Soon said Soft Space would continue to enable mobile card acceptance among banks to support all types of merchants.“Traditionally, the banks’ focus has been on provision of card processing services to merchants only. Payment service providers allow banks to grow their respective market share quicker, as well provide managedservices and support,” he said
Through Fasspay, Soft Space will be able to cater directly to the merchants’ demands for value added services to mobile payments platform. Fasspay is already, a licensed merchant acquirer under the Hong Leong Bank Bhd and will soon officially announce its appointment in the same role for another large Malaysian bank.
Soft Space’s mPOS technology has been adopted by 13 banks across Asia-Pacific across markets like Malaysia, Indonesia, Thailand, Singapore, Vietnam, the Philippines, Australia and New Zealand.  With Fasspay, Soft Space would be able to expand its client roster to include clients in sectors like retail, aviation, insurance and automobile industry.
The company has alluded to a big development in the aviation segment of business and is said to in the process of rolling out a pioneering in-airline shopping service.
Meanwhile, Fasspay, which has been in operation for two years,  is planning to kick-start their mPOS acquiring services in Indonesia.“We have signed a partnership with a financial institution in Indonesia, to provide mPOS services coupled with other financial products. Our focus in the next two years will be on building our base of operations there, as mPOS penetration in Indonesia stands at only 25% while an estimated $328.8 billion in card transactions have been projected by 2017, making it a very promising market,” said Fasspay chief executive officer Joel Tay .
According to him, Soft Space gives Fasspay a strategic edge in the merchant acquiring business. “ We want to provide our clients with cutting edge payment services and support. Now, we can empathize with merchants’ business and technology needs, and move to address those needs with customized solutions from the most innovative payment technology minds this side of the globe,” he added.

M-payment player Soft Space buys Fasspay

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M-payment player Soft Space buys Fasspay

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