A strategic partnership between an e-commerce platform and Japanese credit card firm has shoppers’ wallets in mind.
The e-commerce boom caused by the COVID-19 pandemic has prompted two homegrown Asian brands to jointly provide enhanced e-commerce and payments services for the Southeast Asian market.
The partnership of e-commerce platform Shopee (SE Asia and Taiwan) JCB International Co. Ltd. (JCBI), will launch in July 2020 in Indonesia, Thailand and Vietnam, followed by Singapore and the Philippines in the following months.
JCB will offer year-round and seasonal discounts and an additional safe and secure payment method for shoppers. Shopee will also promote participating stores that support JCB.
Said Yoshiki Kaneko, President and Chief Operating Officer, JCBI: “As consumer shopping habits shift to online and businesses digitalize their activities, we want to be able to further cater to these evolving needs. Over the past 10 years, Southeast Asia has been a growth market for JCB and we’re confident that together with Shopee, we can provide high-quality payments services for businesses and consumers, and continue to grow together with the region. Going forward, JCB and Shopee will continue to provide attractive and convenient services for our customers.”
Shopee COO Terence Pang added: “As homegrown brands, both Shopee and JCB are deeply committed to supporting local Southeast Asian markets and businesses. For our shoppers, they will benefit from having another secure payment method and enjoying additional promotions. This is even more crucial in this new normal as commerce is increasingly done online and we need to be able to support diverse habits and preferences. We believe that JCB will bring added value to our ecosystem and look forward to accelerating the digital economy in Southeast Asia together.”
According to a 2019 joint report by Google, Temasek Holdings and Bain & Company, the Southeast Asia internet economy had soared to US$100 billion in 2019, more than tripling in size over the last four years. By 2025, the region’s internet economy is expected to grow to US$300 billion.
The report also estimated that 150 million Southeast Asians have bought or sold things online, up three times from 2015.