India's Four Square Payments: JCB and Nuvei Deepen Global Partnership in Asia Pacific

JCB International, Japan's only international payments brand, today announced that its global partnership with Nuvei Corporation ("Nuvei" or the "Company") (NASDAQ: NVEI, TSX: NVEI) will be expanded. (NASDAQ: NVEI, TSX: NVEI). The expansion, which covers Singapore and Hong Kong, builds on Nuvei's existing partnership with JCB in Europe and strengthens Nuvei's position in the fast-growing Asia Pacific (APAC) e-commerce market.

By strengthening this partnership, Nuvei can now offer JCB acceptance to its global merchant ecosystem, enabling more than 158 million JCB cardholders to make payments directly to online merchants integrated with Nuvei. This is particularly important for Nuvei's customers in the APAC region, which include well-known e-commerce brands such as Charles & Keith.

Commenting on the announcement, Philip Fayer, Chairman and Chief Executive Officer of Nuvei, said, "Expanding our partnership with JCB to Singapore and Hong Kong allows us to provide exceptional service to businesses in APAC's strategic markets. This move underscores our commitment to providing our global customers with comprehensive payment solutions that drive growth."

Nuvei's decision to deepen its relationship with JCB is in line with its plans for continued strategic investment in the APAC region.Nuvei has full direct local acquiring licences in Singapore and Hong Kong, and has recently been granted a Major Payment Institution (MPI) licence in Singapore.

Nuvei's modular payment platform enables clients to securely connect customers in more than 200 markets globally through a single integration, accepting 716 alternative payment methods and providing acquiring services in over 50 markets. This extensive coverage and flexibility is particularly important in the context of the rapidly expanding e-commerce markets in Singapore and Hong Kong.

The Singapore e-commerce market is expected to realise a compound annual growth rate (CAGR) of nearly 10% to reach a total transaction value of US$23.5 billion by 2027. Similarly, the Hong Kong e-commerce market is expected to realise a CAGR of approximately 9%, with revenues exceeding US$7 billion by 2029.

Hiroko Michishita, Managing Director of JCB International Asia Pacific Pte Ltd, said, "JCB has almost doubled its e-commerce transaction volume in Singapore from 2021 to 2022. While East Asia has been our traditional strength, we have grown our cardholder base in Southeast Asia by 1,32% since 2018.Nuvei's recent expansion in Singapore and Hong Kong is a perfect fit with JCB's long-term strategic growth. We are confident that as Nuvei continues to expand its presence in Asia, our partnership will become even stronger, enabling us to rapidly realise significant sales growth."