Mastercard to boost fintech collaborations in Asia Pacific with new program

Payments giant Mastercard today launched Fintech Express in Asia Pacific, an initiative aimed at providing a customized set of digital-first products and services to support fintech players in the region.

London-based fintech-as-a-service startup Rapyd is the first partner to join the program, obtaining an issuing license and integrating with the Mastercard network, according to a statement.

Photo credit: Håkan Dahlström Photography

“Under this platform, we are expanding our reach for fintech collaborations and partnerships and accelerating the way Mastercard works with fintechs across the region, and make the whole process of onboarding fintechs onto the Mastercard global platform happen in a seamless manner,” Ari Sarker, co-president of Mastercard Asia Pacific, said in an interview.

Rapyd is a mobile-first financial network that provides customized payment solutions to ecommerce firms, gig economy platforms, and tech providers. It recently raised US$100 million in a series C round to develop its cloud-based platform and accelerate its growth in Asia Pacific, among others.

As a result of the program, Mastercard and Rapyd will be working on issuing cards for the latter’s corporate clients in the region. Rapyd also plans to use its issuing license to extend its portfolio to clients in Singapore and beyond.

“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 of digital and emerging partnerships and new payment flows for Mastercard’s operations in the region.

The program is now accepting applications from interested parties, the company said.

Fintech Express is the latest addition to the Mastercard Accelerate platform, which is designed to simplify the integration of its services into various fintech products globally. Other programs under the Accelerate initiative include Mastercard Engage, Mastercard StartPath, and Mastercard Developers.