Mastercard launched Fintech Express during the Singapore Fintech Festival 2019. Through Mastercard’s Fintech Express, fintechs get access to a suite digital-first products, flexible commercial agreements and global licensing support for fintech looking to scale globally.
They have on-boarded their first partner Rapyd, a Fintech-as-a-Service platform who has recently raised US$ 100 million in funding and secured a remittance license in Singapore.
In a media statement they stated that this programme has provided Rapyd licensing as a Mastercard issuer within two weeks, swift integration with the Mastercard network and strategic counsel from Mastercard’s in-market fintech specialists.
As a result of the program, Rapyd will partner Mastercard on issuing cards for Rapyd’s corporate clients in Asia Pacific. Rapyd’s API-based platform provides a wide range of customized payment solutions to regional and global eCommerce merchants, gig economy platforms, and technology providers, and helps them to quickly integrate Payments and Fintech capabilities, minimizing development timelines and time-to-market.
Powering this behind the scenes is Mastercard Fintech Express, the latest addition to the Mastercard Accelerate platform which was designed to simplify the way that Mastercard works with fintechs around the world. Through Accelerate, fintechs are offered a single-entry point to Mastercard’s wide portfolio of specialized programs that offer support and assistance throughout a fintech’s growth and transformation journey, from market entry to global expansion.
“Mastercard has been the partner of choice for hundreds of fintechs globally. With the launch of Fintech Express, a tailored program that provides fintechs with what they need most – speed, scale and performance – Mastercard is celebrating a new milestone in our fintech journey. Speed is absolutely critical in the Asia Pacific region which is a dynamic hotbed for ambitious startups that are transforming the payments landscape,” said Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows, Asia Pacific, Mastercard.
“Rapyd is a great example of a high growth fintech platform that is meeting an unmet need in the market by enabling digital merchants, gig economy players and fintechs to scale globally. Mastercard is delighted to be part of their growth story.”
“I believe the partnership between Rapyd and Mastercard will help drive even faster growth in the region’s economy. Asia Pacific is witnessing a revolution in new payments services from both traditional players going digital, and digital innovators trying to build the next big Super-Apps. These innovators are looking for a next generation fintech platform to help them move faster and offer more services, knitting things together behind the scenes, so they can focus on scaling their operations in the region and globally said Joel Yarbrough, Vice President, Asia Pacific, Rapyd.
Re-disseminated by The Asian Banker