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Mastercard announces FinTech Express for MEA companies

By Edil Corneille

September 23, 2020

  • Africa
  • Mastercard
  • Middle East
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Mastercard, FinTech, digital economy, payments, technologyMastercard has launched FinTech Express in the Middle East and Africa, a program designed to facilitate emerging financial technology companies launch and expand. Mastercard’s expertise, technology, and global network will be leveraged for these startups to be able to focus on innovation driving the digital economy.

The program is split into the three core modules being – Access, Build, and Connect. Access entails enabling regulated entities to obtain a Mastercard License and access Mastercard’s network through a streamlined onboarding process

Under the Build module, companies can become an Express Partner by building unique tech alliances and benefitting from all the advantages provided.

Start-ups looking to add payment solutions to their suite of products, can easily connect with qualified Express Partners available on the Mastercard Engage web portal, and go live with Mastercard in a matter of days, under the Connect module.

ALSO, READ: Mastercard supports expansion of digital transactions in Sri Lanka

Becoming an Express Partner helps brands simplify the launch of payment solutions, shortening the process from a few months to a matter of days. Express Partners will also enjoy all the benefits of becoming a Qualified Mastercard Engage Partner.

“…Technological advancement and innovation are steering the digital financial services industry as fintech players are becoming globally mainstream and an increasing influx of these players are competing with large traditional players. With today’s announcement, we are taking the next step in further empowering them to fulfil their ambitions of scale and speed,” said Gaurang Shah, Senior Vice President, Digital Payments & Labs, Middle East and Africa, Mastercard.

Some of the early players to have joined forces and created alliances in the Middle East and Africa under the new Express Partner program are Network International (MENA); Ukheshe and Nedbank (South Africa); and Diamond Trust Bank, DPO Group, Selcom and Tutuka (Sub-Saharan Africa).

ALSO, READ: Mastercard, Qatar Development Bank to accelerate FinTech innovation through QFTH

As an Express Partner, Network International, a leading enabler of digital commerce in MENA and long-term Mastercard partner, will act as exclusive payments processor for Middle East fintechs, thus enabling and accelerating participants’ regional market entry.

“…At Network, innovation is core to our ethos, and we believe that fostering a local culture of innovation is key to success. We’re pleased to enter into this strategic collaboration with Mastercard, as part of our long-term commitment to support fintechs and strengthen the UAE payment infrastructure,” said Samer Soliman, Managing Director, Middle East – Network International.

Mastercard FinTech Express falls under the umbrella of Mastercard Accelerate which is comprised of four main programmes namely FinTech Express, Start Path, Engage and Developers.

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