Global Payments giant Mastercard has created a platform for greater fintech collaboration within the Asia Pacific region. This move comes as the region continues to see an explosion of fintech startups including crypto and blockchain projects looking to target several aspects of the nascent digital economy.
Payment Support for Fintech Startups
According to Ari Sarker, Fintech Express is part of Mastercard’s efforts to provide support for fintech startups/speaking to Bloomberg, Sarker remarked:
“Under this platform, we are expanding our reach for fintech collaborations and partnerships and accelerating the way Mastercard works with fintechs across the region, and make the whole process of onboarding fintechs onto the Mastercard global platform happen in a seamless manner.”
In a statement released by Mastercard, the company revealed that Fintech Express is the latest platform addition to the Mastercard Accelerate services suite. The payments giant says it wants to simplify its collaboration with fintech startups in Asia pacific.
Rapyd — an all-in-one payments platform is already signed up to use the Fintech Express. The London-based fintech startup recently raised about $100 million in a funding round.
According to reports, the collaboration will see Mastercard issuing payment cards for Rapyd’s institutional clients, many of whom operate out of Asia Pacific.
Commenting on the collaboration, Joel Yarbrough, the Vice President of Rapyd, Asia Pacific remarked that the partnership will immensely benefit the economy of the region. Yarbrough opined that fintech startups like Rapyd require such cooperation in their quest to scale their operations adequately enough to service entire economic regions.
Mastercard continues to partner with fintech and blockchain startups recently partnering with Envisible and Topco to track seafood via blockchain technology. The payments giant was also an early backer of the Libra Association before pulling out amid regulatory backlash against the proposed digital payments project.
Growing Fintech and Crypto Commerce in the Asia Pacific Region
Mastercard’s new fintech platform is coming at a time when the Asia Pacific region is seeing significant growth in fintech and blockchain adoption. Many of these blockchain and fintech startups are looking to create a more robust payments ecosystem for the region.
Countries like Singapore already have fiat-to-crypto onramps with Asian mainstream payment giants like Alipay also looking to expand in the region. According to The Business Times, the Monetary Authority of Singapore (MAS) has partnered with JPMorgan and Temasek to develop a blockchain infrastructure for multi-currency payments.