JCB International, Japan’s international payment brand, is expanding its global partnership with Nuvei Corporation, the Canadian fintech company, to include the Asia-Pacific (APAC) region.
Through this enhanced partnership, Nuvei now offers JCB acceptance to its global merchant ecosystem, enabling JCB’s community of over 158 million cardmembers to pay directly to online businesses integrated with Nuvei. Nuvei also explained that the development is particularly significant for its customers in the APAC region.
This expansion builds upon Nuvei’s existing relationship with JCB in Europe, further strengthening Nuvei’s position in the rapidly growing Asia-Pacific (APAC) e-commerce market.
The expansion of its partnership with JCB aligns with Nuvei’s ongoing strategic investments in the APAC region. Nuvei is a fully licensed direct local acquirer in Singapore and Hong Kong, and recently obtained a Major Payment Institution (MPI) licence in Singapore.
Philip Fayer, chair and CEO at Nuvei, commented: “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.”
Capitalising on growth
Estimates suggest that Singapore’s e-commerce market will grow at a CAGR of nearly 10 per cent, with gross merchandise value expected to reach $23.5billion by 2027. Hong Kong’s e-commerce market also looks likely to grow at a similar CAGR of nearly nine per cent, with revenues expected to exceed $7billion by 2029.
Hiroko Michishita, managing director, JCB International Asia Pacific, said: “Between 2021 and 2022, JCB has almost doubled the volume of e-commerce transactions in Singapore. While East Asia is our traditional stronghold, we have seen substantial growth in our ASEAN card base of 132 per cent 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.”
Nuvei’s modular payments platform enables clients to connect with customers in over 200 markets worldwide through a single integration, accepting 716 alternative payment methods and offering acquiring in over 50 markets. This extensive reach and flexibility are particularly valuable in the context of the rapidly expanding e-commerce markets in Singapore and Hong Kong.