MOLCube, a truly mobile payment for SMEs by MOL Global
The Asia’s leading e-payment service provider, MOL AccessPortal Sdn Bhd (MOL) signed an agreement with Soft Space International Sdn. Bhd. (Soft Space), a mobile payment technology company to establish a joint venture (JV) mobile payment acquiring company, MOLCube Sdn. Bhd. (MOLCube) in Berjaya Time Square yesterday. MOL owns the 65 percent share of MOLCube while Soft Space owns the rest, the MOL Global Group CEO Ganesh Kumar Bangah told the media during the press conference.
The new setup company will become a Third Party Acquirer (TPA) that helps small and medium-sized enterprises (SMEs) to accept credit and debit card payments conveniently, securely via mobile devices through the mobile payment technology with EMV Level 2 compliance powered by Soft Space. Soft Space is one the three companies in the world received the certification from EMVCo on its mobile payment platform to perform credit and debit card processing on mobile phone devices such as smart phone and tablet under card present environment.
Currently, MOLCube only works on iPhone, iPad, iPod Touch, Samsung Galaxy series models and Sony Xperia series models. MOLCube will be available for more Android platform smart phones and Window devices within this quarter.
Ganesh said MOLCube will be rolled out in the market for SMEs by December of this year and all the associated companies within the Berjaya Group will become the pioneer merchants for this product.
“We are glad to be working with an established regional and global player like MOL to expand our product base using its expertise, experience and market reach in e-payment industries. We choose MOL as our JV partner is because both parties are sharing the same view,” Chang Chew Soon, the founder of Soft Space said.
Prior to the JV formed, Soft Space was talking to many parties to form up partnership. “MOLCube will not compete with any existing partners of Soft Space and ultimately they all will be converted to MOLCube’s partner instead of Soft Space’s partner,” Chang said.
The event was witnessed by Tan Sri Dato’ Seri Vincent Tan, the founder of Berjaya Group and Datuk Vincent Lee, the Group Executive Chairman of Feotus International.
by Alice Lee