JCB cards are currently mainly issued in Asian countries and regions. Credit: Free-Photos from Pixabay.

Japanese payment brand JCB has established a new department in Singapore to fast-track business expansion in ASEAN region.

The newly created ASEAN Business Enhancement and Creation Department will be part of the company’s subsidiary, JCB International Asia Pacific.

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The company will use the new department further accelerate the development of new payment services.

It will forge new strategic partnerships and invest in local financial firms and start-up.

Particularly, the newly created division will part with Japanese companies operating in the ASEAN region.

“In addition, the new department will proactively seek to create new business opportunities beyond the framework of JCB’s current payment business in the ASEAN region,” the company noted in its press statement.

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JCB is a global payment brand and a credit card issuer and acquirer in Japan. It launched its first credit card in Japan in 1961 and began its global expansion in 1981.

JCB cards are currently mainly issued in Asian countries and regions, with more than 140 million card members.

In March this year, two Vietnamese banks partnered with JCB to issue debit and credit card.

Vietnamese retail bank LienVietPostBank and JCB International unveiled a new debit card.

Tien Phong Commercial Joint Stock Bank (TPBank) announced the issuance of a new credit card powered by JCB.

Prior to that JCB International expanded its partnership with payments and transactional services company Worldline.

Under the partnership, the two companies will support the exchange of global e-commerce and the growth of JCB Contactless enablement across Europe.