JCB International and CIMB Bank Singapore with Wirecard
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JCB, the international operations subsidiary of JCB, CIMB Bank Singapore (“CIMB”), and Wirecard AG (“Wirecard”) are pleased to announce their signing of a License Agreement to begin JCB merchant acquiring services in Singapore. Through the partnership, JCB card acceptance facilities will be available at CIMB merchants.
With its ASEAN footprint firmly in place, CIMB is a befitting partner with JCBI on both the local and regional front. Having established similar collaborations in Malaysia and Indonesia, this new License Agreement extends the collaboration into other parts of Southeast Asia and enhances cooperation in the region.
Tourism is a key contributor to the Singapore economy and the country is a popular destination for regional JCB cardmembers. This new merchant acquisition partnership with CIMB will bolster the JCB card acceptance network in the market and promote new merchants to JCBI’s rapidly expanding cardmember base from Asia during their stay in Singapore.
Vincent Ling, Managing Director of JCB International Asia Pacific Pte Ltd., commented, “As Singapore continues to be a key tourist destination for Asians including Japanese, Korean, and Chinese, a stronger JCB card acceptance will bring about enhanced convenience to JCB cardmembers. JCBI is pleased to collaborate with CIMB Bank Singapore and we look forward to working closely together to serve our cardmembers, merchants and business partners better.”
Mak Lye Mun, CEO of CIMB Bank Singapore and Country Head of CIMB Group Singapore said, “As a leading bank in ASEAN, CIMB Bank is proud to expand our payment acceptance offering with JCBI in Singapore. This partnership unlocks opportunities for our merchant acquiring business and I’m confident it will benefit both merchants and JCB cardmembers through greater card acceptance and increased payment options.”
CIMB Bank Singapore’s one-stop merchant solution is in partnership with Wirecard, a global leader in electronic payment and mPOS technology and infrastructure. Wirecard has been providing an integrated payment platform that supports eCommerce, mCommerce, mobile and traditional Point-of-Sale, to facilitate merchants’ real-time tracking of transactions across multiple sales channels as part of the partnership. Mr Jeffry Ho, Managing Director of Wirecard Singapore, Malaysia, Hong Kong and Australia A&I added, “We are delighted with another milestone of our partnership with CIMB Bank. We believe that the CIMB-JCB initiative will certainly provide a better payment experience for both merchants and JCB cardmembers in Singapore.”
Questions & Answers
Q.Which specific services will be introduced through this new agreement?
Which specific services will be introduced through this new agreement?
The agreement will introduce JCB merchant acquiring services in Singapore. This means JCB card acceptance facilities will become available at CIMB Bank's existing merchants across the country.
Q.How does this agreement relate to previous collaborations between the parties?
How does this agreement relate to previous collaborations between the parties?
This agreement extends an existing collaboration into other parts of Southeast Asia. Similar partnerships between CIMB and JCB have previously been established in Malaysia and Indonesia.
Q.What role does Wirecard play in this partnership?
What role does Wirecard play in this partnership?
Wirecard provides the one-stop merchant solution for CIMB Bank Singapore. They offer an integrated payment platform for eCommerce, mCommerce, mobile, and traditional Point-of-Sale, enabling real-time transaction tracking for merchants.