According to Navin Jain, an executive of Mastercard Indonesia, Mastercard would aid Fasset in its initiatives to promote financial inclusion in the nation.
Mastercard, a provider of financial services, has teamed up with Fasset, a developer of crypto gateways, to jointly create digital solutions that could accelerate adoption in Indonesia. The partnership seeks to increase financial inclusion in the nation and open up new opportunities for the local economy.
Navin Jain, the national manager for Mastercard Indonesia, stated in a statement that the company will assist Fasset in its efforts to promote financial inclusion in the nation. Jain claims that the alliance will increase communities’ access to modern technologies.
An executive at Fasset named Hendra Suryakusuma claimed that 92 million people in Indonesia are unbanked. Suryakusuma claims that Fasset and Mastercard will close this gap to improve access to digital financial services. Suryakusuma clarified:
“Our partnership seeks to lower the barriers to digital finance and drive greater opportunities to benefit from the use of emerging financial services.”
In addition, the CEO thinks that the acceptance of cryptocurrencies in nations like Indonesia will have a big impact on the overall crypto ecosystem. He emphasized that it will act as a model for other nations looking to advance and quicken economic growth. Greater legitimization of crypto assets, their use cases, and application areas are the consequences for the industry, he continued.
Mastercard increased the size of its network for nonfungible token (NFT) exchanges in June. The payment processing company teamed with NFT marketplaces to enable cardholders to buy NFTs immediately using their cards, doing away with the requirement to first buy cryptocurrency.
During a discussion on central bank digital currencies back in May, Michael Miebach, CEO of Mastercard, made the audacious forecast that the cross-border transaction platform SWIFT might no longer exist in 5 years (CBDCs). After the panel, a Mastercard representative stressed that it’s not a yes-or-no question, but rather a reiteration of SWIFT’s earlier claims that its business practices will eventually change.