Mastercard announces Sokin as a principal member for Singapore
By Edil Corneille
Sokin, a London-based FinTech providing fixed-price instant payment services, has signed an agreement with global payments technology company Mastercard to be a principal member and card issuer for Singapore, just weeks after the two companies announced their partnership in Europe and the UK.
Sokin is launching a subscription-based payment service that provides fast and cost-effective currency exchange with no hidden charges. Through trusted partners, Sokin will be present in 150 countries and its wallets and cards will be in 200 countries, covering 35 different currencies.
“Being appointed as a principal member for Mastercard in Singapore is significant for us,” said Vroon Modgill, CEO at Sokin. “We are known for our ability to create secure and reliable payment networks and becoming a card issuer for Mastercard shows the quality of our systems and processes. We are delighted with the expansion of our relationship with Mastercard and look forward to growing our market coverage with them.”
Sokin will offer international money transfers and payments with no mark-up on transactions, saving customers on average of 20 per cent against existing payment solutions. Sokin’s proprietary technology is said to make the process easy – from the onboarding of customers to instant payments – all in its secure peer-to-peer mobile app.
“Mastercard is delighted to partner with Sokin to improve payment services for many millions of people. As a global leader in payments, Mastercard always looks to support innovation that delivers security, convenience and choice,” said Rama Sridhar, Executive Vice President, Business Development, Digital and Emerging Partnerships, New Payment Flows, Asia Pacific, Mastercard. “Mastercard’s trusted and secure digital solutions and card services, combined with Sokin’s new offering, will benefit businesses and consumers with even better transfers and transactions.”
Mastercard is working with Sokin in Singapore as a principal member and across the European Economic Area as a BIN sponsor. The Sokin service will go live in the first quarter of 2021.
IBSi Daily News Analysis
August 12, 2022
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