JCB has announced the expansion of its collaboration with Canada-based fintech company Nuvei to now cover Singapore and Hong Kong. This move extends the companies' existing collaboration in Europe and aims to support Nuvei's presence in the Asia-Pacific (APAC) ecommerce market.

As part of the expanded partnership, Nuvei will enable its global merchants to accept JCB payments, giving JCB’s cardholders the ability to make payments directly to businesses integrated with Nuvei. This development is expected to benefit Nuvei’s merchants in the APAC region, including notable ecommerce brands such as Charles & Keith. Nuvei strengthens APAC presence Officials from Nuvei commented on the expansion and highlighted that their partnership with JCB in Singapore and Hong Kong aims to enhance the payment services they offer to businesses in important APAC markets.

The partnership aligns with Nuvei’s ongoing strategic investments in the APAC region. Nuvei holds full local acquiring licences in both Singapore and Hong Kong, and recently secured a Major Payment Institution (MPI) license in Singapore, further solidifying its operational capabilities in the region. Nuvei’s modular payments platform connects clients to customers across more than 200 markets through a single integration.

The platform supports 716 alternative payment methods and acquiring services in over 50 markets, a capability that is becoming increasingly significant given the fast expansion of ecommerce in Singapore and Hong Kong. A new Researchandmarkets report reveals that Singapore’s ecommerce market is forecasted to grow at an annual rate of nearly 10%, potentially reaching USD 23.5 billion by 2027. Moreover, according to Statista, Hong Kong’s market is also expected to grow at a similar pace, with projected revenues exceeding USD 7 billion by 2029.

Officials from JCB noted that JCB had seen substantial growth in ecommerce transactions in Singapore, with volumes almost doubling between 2021 and 2022. They also highlighted the rise in JCB’s cardholder base within ASEAN, which has grown by 132% from 2018 to 2023. More information about the two companies JCB is an international payment brand and a credit card issuer in Japan.

Founded in 1961, the company began its global expansion in 1981 and now has an acceptance network of approximately 49 million merchants worldwide. JCB cards are primarily issued in Asia, and the company has partnered with banks and financial institutions worldwide to expand its merchant coverage and cardholder base. Nuvei is a Canadian financial technology company that provides payment solutions for businesses globally.

The company's platform supports a wide range of payment methods and offers services such as risk and fraud management, card issuing, and banking solutions. Nuvei operates in more than 200 markets, facilitating local acquiring in 50 markets and supporting 716 alternative payment methods. For more information about Nuvei, please check out their detailed profile in our dedicated, industry-specific Company Database.

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