Mastercard Partners with Crypto Gateway to Promote Financial Inclusion in Indonesia

Mastercard Partners with Crypto Gateway to Promote Financial Inclusion in Indonesia

Financial services giant Mastercard has partnered with Crypto Gateway provider Fasset to develop a digital solution platform that may promote financial inclusion in Indonesia. The collaboration aims to extend opportunities to its local economy using financial inclusion.

 

In an announcement, the country manager for Mastercard Indonesia, Navin Jain said that the company will support Fasset’s efforts to advance financial inclusion within the country. According to Jain, the collaboration will help locals to have more access to digital technologies.

 

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Hendra Suryakusuma, senior executive at Fasset, told Cointelegraph that there is an unbanked population of 92 million in Indonesia. According to Suryakusuma, this gap will be bridged by the partnership between 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, Jain also believes that crypto adoption in countries like Indonesia will also have a significant impact on the broader Cryptocurrency industry. He highlighted that it will serve as a reference for other nations to pursue growth and change the pace of economic growth. “The implications on the industry are greater legitimization of Crypto Assets, their use cases and areas of applications,” he further explained.

 

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In June, Mastercard expanded its network for Non Fungible Token (NFT) Industry. The payment processing firm partnered with NFT marketplaces to allow its cardholders to purchase NFTs directly with their cards, eliminating the need to buy cryptocurrency before making NFT purchases.

 

Back in May, Michael Miebach, the CEO of Mastercard, made a bold prediction that the cross-border transaction platform SWIFT may cease to exist in approx five years during a panel on Central Bank Digital Currencies (CBDCs). However, later a spokesperson from Mastercard clarified that it's not a yes or no question but rather a support of SWIFT’s previous statements that its operations will eventually evolve.