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Mastercard associates with Indonesian crypto gateway to drive financial attachment

  • News
  • July 14, 2022
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Financial services firm Mastercard has partnered with crypto gateway provider Fasset to co-develop digital solutions that may drive adoption in Indonesia. The collaboration aims to increase financial inclusion in the country and extend chances to its local economy. Navin Jain, an executive at Mastercard Indonesia, stated that Mastercard will support Fasset’s efforts to drive financial inclusion in the country.

 Navin Jain, the country manager for Mastercard Indonesia declared that it will support Fasset’s efforts to advance financial inclusion within the country. Jain is optimistic that the partnership will help locals to have more access to digital technologies.

Hendra Suryakusuma, an executive at Fasset, in a statement told Cointelegraph that there is an unbanked population of 92 million in Indonesia. According to Suryakusuma, this gap will be linked by Fasset and Mastercard to bring better access to digital financial services. Suryakusuma explained that:

“Our partnership seeks to lower the barriers to digital finance and drive greater opportunities to benefit from the use of emerging financial services.”

Apart from this, the executive also has confidence that crypto adoption in countries like Indonesia will also have a significant impact on the broader crypto ecosystem. He emphasized that it will serve as a reference for other countries to pursue progress and change the pace of economic growth.

Mastercard extended its network in June for nonfungible token (NFT) markets. The payment processing firm partnered with NFT marketplaces to permit its cardholders to buy NFTs directly with their cards, removing the need to buy crypto before making NFT purchases.

Back in May, the CEO of Mastercard, Michael Miebach, made a bold forecast that the cross-border transaction platform SWIFT may cease to exist in 5 years during a panel on CBDCs. Nevertheless, after the panel, a representative from Mastercard explained that it’s not a yes or no question but rather a reinforcement of SWIFT’s previous statements that its operations will eventually evolve.

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