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With Fintech Express, it will be even easier for fintechs to work with Mastercard. The first participant is Rapyd, a B2B Fintech-as-a-Service provider.
During the Singapore Fintech Festival 2019, the biggest fintech event, Mastercard, an American multinational financial services corporation, has announced the launch of Fintech Express. The initiative will allow fintech companies to get access to a wide range of digital-first products, flexible commercial agreements, and support in global licensing. Mastercard has already welcomed the first member to participate in the program – Rapyd, the world’s largest local payments platform.
Joel Yarbrough says payment solutions are accelerated by joining this programme.
MC wants more fintech players to join.#SFFxSWITCH
— Ibrahim Sani (@ibrahimsaninet) November 11, 2019
Within the partnership, Mastercard will issue cards for Rapyd’s corporate clients in Asia Pacific, while Rapid will receive a license as a Mastercard issuer in two weeks. Besides, the fin-tech-as-a-service platform will swift integration with the Mastercard network and get access to strategic counseling from Mastercard’s in-market fin-tech experts.
Rama Sridhar, Executive Vice President, Digital & Emerging Partnerships and New Payment Flows for Mastercard, Asia Pacific, commented:
“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.”
Rapyd is a platform that makes the world’s most convenient ways to pay and be paid instantly available through a single API and SDK and helps companies create great local commerce experiences in any part of the world. In October, the company raised $100 million in funding round. Later, it received a remittance license in Singapore.
Joel Yarbrough, Rapyd’s Vice President in Asia Pacific, commented on the partnership with Mastercard in the following way:
“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.”
Mastercard Fintech Express is an improved addition to the Mastercard Accelerate platform that offers start-ups and new brands support and assistance for every stage of their growth and transformation, from the entry to the market to worldwide expansion. With Mastercard Fintech Express, it will be even easier for fintechs to work with Mastercard.
It’s also worth mentioning that it is far not the only news in the sphere of fintech these days. For example, Coinspeaker has already reported that Singapore’s central bank – Monetary Authority of Singapore (MAS) – established cooperation with Wall Street giant JP Morgan and Temasek. The aim of this collaboration is to create a blockchain-based prototype for cross-border multi-currency payments.