back Back

Mastercard & Further team to enhance payments & asset management infrastructure

By Delisha Fernandes

December 29, 2023

  • Financial Inclusion
  • fintech MENA
  • Fintech news
Share

Mastercard, One GlobalMastercard and Further Ventures, a venture building and investment firm based in Abu Dhabi, has partnered to accelerate the development of local FinTech capabilities in the UAE and the wider MENA region.

The signing took place on the sidelines of the Further Network Summit, part of Abu Dhabi Finance Week. Mastercard will bring its payment solutions, platforms and technologies to the shared efforts, helping to deliver on a pledge to bring 50 million micro, small, and medium enterprises (MSMEs) worldwide into the digital economy by 2025. Additionally, the company will make an investment in Further to support the fund’s growth.

“At Mastercard, we are committed to impactful and innovative opportunities that will further support the markets we serve. Our collaboration with Further Ventures will enable us to tap into emerging opportunities to promote inclusive and social need-driven innovation in Abu Dhabi and the UAE,” said J.K. Khalil, Cluster General Manager, MENA East, Mastercard.

Further Ventures is a $200 million fund, backed by ADQ, to support innovative startups from ideation to exit. The company partners with founders to incubate ventures developing next generation financial infrastructure. These ventures include FinTechs that cover wealth management, SME finance, financial inclusion, remittance, and payroll products; as well as, VASPs (virtual asset service providers) , which include virtual asset payments products, blockchain-based asset custody and security solutions, marketplaces, wallets, and other infrastructure aimed at the institutional market.

“At Further Ventures, we continuously explore new partnership opportunities to accelerate the growth of our ventures. Mastercard’s investment represents a significant milestone in our efforts to connect ambitious founders to the tools, resources, and networks they need to build, launch, and run great companies that disrupt industries with their groundbreaking solutions,” said Faisal Al Hammadi, Managing Partner, Further.

Previous Article

December 29, 2023

Singapore’s Farro unviels regional headquarters in DIFC to drive global expansion

Read More
Next Article

December 29, 2023

eftPay & Mobipay bring integrated payment and reservation system for Triangle Plus

Read More






IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Revolut enters Ukraine, launches special edition Clear Sky card

Read More

Today

Tabby raises $160m Series E at $3.3bn valuation ahead of IPO

Read More

Today

Indian payments startup ToneTag nets $78m in Series B2

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q4 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2024
Know More