Mastercard announces Fintech Express for MEA companies

Mastercard has released Fintech Express in the Middle East as well as Africa, an application designed to facilitate emerging monetary technology companies launch and grow. Mastercard’s know-how, engineering, and global network is going to be leveraged for these startups to have the ability to focus on innovation steering the digital economy, according to FintechZoom.

The system is split into the three key modules being – Access, Build, and Connect. Access involves enabling controlled entities to attain a Mastercard License as well as access Mastercard’s network through a seamless onboarding process, according to FintechZoom.

Under the Build module, businesses can be an Express Partner by creating unique tech alliances and benefitting from all of the benefits provided, according to FintechZoom.

Start-ups searching to consume payment solutions to the suite of theirs of products, may easily link with qualified Express Partners available on the Mastercard Engage internet portal, and also go live with Mastercard in a few days, underneath the Connect module, according to FintechZoom.

To become an Express Partner helps models simplify the launch of fee treatments, shortening the process from a few months to a question of days. Express Partners will in addition enjoy all the benefits of being a professional Mastercard Engage Partner.

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

Several of the first players to possess joined up with forces and invented alliances within the Middle East and Africa underneath the new Express Partner program are actually Network International (MENA); Ukheshe and Nedbank (South Africa); as well as Diamond Trust Bank, DPO Group, Selcom and Tutuka (Sub-Saharan Africa), according to FintechZoom.

As an Express Partner, Network International, a leading enabler of digital commerce in Long-Term Mastercard partner and mena, will work as exclusive payments processor for Middle East fintechs, therefore enabling and accelerating participants’ regional sector entry, according to FintechZoom.

“…At Network, innovation is core to our ethos, and we believe that fostering a hometown culture of innovation is key to success. We are pleased to enter into this strategic collaboration with Mastercard, as part of our long-term dedication to help fintechs and improve the UAE transaction infrastructure,” said Samer Soliman, Managing Director, Middle East – Network International, according to FintechZoom.

Mastercard Fintech Express falls under the umbrella of Mastercard Accelerate which is composed of 4 main programmes namely Fintech Express, Start Developers, Engage, and Path.