Businesses in Singapore and Hong
Kong can now accept payments by JCB credit and
debit cards through their existing single integration with
Nuvei
TOKYO and MONTREAL, Oct. 7, 2024
/PRNewswire/ -- JCB International Co., Ltd. ("JCB"),
Japan's only international payment
brand, today announced that it has expanded its global partnership
with Nuvei Corporation ("Nuvei" or the "Company") (Nasdaq: NVEI)
(TSX: NVEI), the Canadian fintech company, to include Singapore and Hong
Kong. This expansion builds upon Nuvei's existing
relationship with JCB in Europe,
further strengthening Nuvei's position in the rapidly growing
Asia-Pacific (APAC) eCommerce
market.
Through this enhanced partnership, Nuvei now offers JCB
acceptance to its global merchant ecosystem, enabling JCB's
community of more than 158 million cardmembers to pay directly to
online businesses integrated with Nuvei. This development is
particularly significant for Nuvei's customers in the APAC region,
including leading eCommerce brands such as Charles &
Keith1.
Philip Fayer, Nuvei's Chair and
CEO, commented on the announcement: "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."
The expansion of the JCB partnership 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) license in Singapore2.
Nuvei's modular payments platform enables clients to securely
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 eCommerce markets in Singapore and Hong
Kong.
Singapore's eCommerce market is
predicted to grow at a Compound Annual Growth Rate (CAGR) of nearly
10%, with gross merchandise value expected to reach US$23.5 billion by 20273. Hong Kong's eCommerce market is projected to
grow at a similar CAGR of nearly 9%, with revenues expected to
exceed US$7 billion by
20294.
Hiroko Michishita, Managing
Director, JCB International Asia Pacific Pte. Ltd., said, "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."
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company
accelerating the business of clients around the world. Nuvei's
modular, flexible and scalable technology allows leading companies
to accept next-gen payments, offer all payout options and benefit
from card issuing, banking, risk and fraud management
services. Connecting businesses to their customers in more than 200
markets, with local acquiring in 50 markets, 150 currencies and 716
alternative payment methods, Nuvei provides the technology and
insights for customers and partners to succeed locally and globally
with one integration.
For more information, visit www.nuvei.com
NVEI-IR
Contact:
Public
Relations
alex.hammond@nuvei.com
Investor Relations
IR@nuvei.com
About JCB
JCB is a major global payment brand and a leading credit card
issuer and acquirer in Japan. JCB
launched its card business in Japan in 1961 and began expanding worldwide in
1981. Its acceptance network includes about 49 million merchants
around the world. JCB Cards are now issued mainly in Asian
countries and territories, with more than 158 million cardmembers.
As part of its international growth strategy, JCB has formed
alliances with hundreds of leading banks and financial institutions
globally to increase its merchant coverage and cardmember base. As
a comprehensive payment solution provider, JCB commits to providing
responsive and high-quality service and products to all customers
worldwide. For more information, please visit:
www.global.jcb/en/
Contact
Kosuke
Ochiai
Corporate Communications
Tel: +81-3-5778-8353
Email: jcb-pr@info.jcb.co.jp
1
https://investors.nuvei.com/news-releases/news-release-details/charles-keith-selects-nuvei-boost-international-expansion
2
https://www.nuvei.com/posts/nuvei-secures-mpi-license-in-singapore-to-accelerate-apac-expansion
3
https://finance.yahoo.com/news/singapore-ecommerce-market-databook-2023-171900419.html
4
https://www.statista.com/outlook/emo/ecommerce/hong-kong
View original content to download
multimedia:https://www.prnewswire.com/news-releases/jcb-and-nuvei-expand-global-partnership-in-apac-302269164.html
SOURCE Nuvei
