Japan-based public listed company signs a partnership agreement with Singapore-based anti-financial crime company for joint Southeast Asia market penetration.
Cacco Inc. (Headquarters: Minato-ku, Tokyo; Representative Director, President: Hiroyuki Iwai; Stock Code: 4166; hereinafter “Cacco”), the top*1 provider of Fraudulent Order Detection Services in Japan and contributor to the creation of safe EC infrastructures, and Mulai Pte. Ltd. (Headquarters: Singapore; CEO: Tommy Hartono; hereinafter “Mulai“), a Singapore-based provider of no-code anti-money laundering and fraud prevention platforms that utilize AI, have announced the start of their collaboration to combat EC fraud in Southeast Asia.
*1: TOKYO SHOKO RESEARCH, LTD., “Survey on the number of EC sites in Japan introducing paid fraud detection services,” (as of the end of March 2024)
Background of the Collaboration
Recently in Japan, damages from unauthorized use of credit cards have been increasing year by year with reported increases of approximately ten billion yen for two consecutive years. In the same manner, fraudulent activities involving online payments have been steadily rising overseas as well, and according to a report from Juniper Research*2, overall global damage from fraud is expected to reach approximately 12.9834 trillion yen (91 billion dollars*3) by 2028. Meanwhile, the EC market in APAC, which includes Southeast Asia, accounts for 64% of the global market and is growing at an average annual rate of more than 15%, which exceeds the global average growth rate of 14.5%. This market is expected to surpass approximately 33.386 trillion yen (234 billion dollars)*4 by 2025. In light of these market trends, Cacco has partnered with Mulai to reinforce the provision of services to support fraud prevention on EC sites and in online transactions for Southeast Asia by leveraging the technology, expertise, and experience the company has cultivated in Japan.
