Strengthening Fintech Ecosystem with Cutting-edge Tech, Innovation

Mastercard’s world-class data, payment, cybersecurity, and other solutions are accelerating the growth of small and large financial services companies in South Asia

As the world moves towards a cashless future, new opportunities are opening up for Fintech players, who are witnessing a steady increase in both business and client consumer bases. However, to survive and thrive in a highly dynamic environment where rapid innovation and growing consumer expectations have become a norm, Fintechs require a payment system which is powered by cuttingedge technology and is safe, seamless, and omnipresent. Mastercard, a world-leading payment network processor connecting billions of cardholders, issuers, merchants, governments, and businesses across the globe, provides them that system, and a lot more.

For years, Mastercard has been strengthening the Fintech ecosystem by supporting small and large firms, including start-ups, in building new products, launching data-driven operational strategies, and venturing into new markets/geographies. Powered by insights gleaned from 90 billion aggregated and anonymized transactions, along with unmatched analytics capabilities, the company is well positioned to identify strategic opportunities that can shape the future of Fintech operations.

Offering multiple benefits

Fintechs looking to gain from Mastercard’s services and solutions can avail flexible implementation plans along with several support options to match their current capabilities. They can also opt for the company’s consulting services, which are backed by its distilled wealth of experience and knowledge from thousands of real-world engagements with financial institutions concerning consumer cards, commercial cards, card marketing, card acquiring, card risk, and fraud management.

Mastercard Advisors, the consulting arm, provides a full suite of consulting services, technology, and proprietary data to Fintechs, so that they can grow and build a strong connection with clients. Further, the company also offers people, platforms, and data to help financial services companies develop and launch high-impact digital strategies.

Becoming the payment processing backend of choice

Mastercard Payment Gateway Service (MPGS) has become the payment processing backend of choice in the South Asian region. A majority of acquiring banks, payment gateway solution providers, payment aggregators, mobile service providers, and Fintechs in Sri Lanka and Maldives have chosen MPGS for its vast reach, rich resources, and reliable security.

MPGS can boost business growth by easily handling costly and timeconsuming payment functions. With a single integration, companies can accept global and local payments, mitigate PCI risk, and reduce operational costs. Under MPGS, while the processing is done by Mastercard, the service is provided by the acquiring bank to its merchant customers. In Sri Lanka, many businesses, including e-commerce giants, online marketplace providers, digital wallets, digital solutions providers, and buy now pay later solution providers, rely on MPGS for transactions.

MPGS offers Fintechs a global reach of more than 190 acquirer connections, strong infrastructure, and the commitment of an expanding network, along with new products and services. The platform also facilitates payments across a variety of channels, including e-commerce, mobile, call center, and touch-free. Since it’s a white-label service, Mastercard puts the partner brands first, so that the gateway solution is rolled out under their name as an extension of services to customers.

Building partnerships

One of Sri Lanka’s leading Fintech and digital payment solutions providers recently launched a SOFTPOS solution developed in partnership with Mastercard and a leading tech partner. The solution is built on cutting-edge digital payment technology that allows all smartphones and connected devices to act as a payment acceptance device. A low-cost solution, SOFTPOS will bring many micro and small businesses into the digital payment ecosystem. It will particularly benefit enterprises with large rider fleets as riders will now be able to accept payments by simply installing an app on their smartphones.

Similarly, a leading commercial bank in the country recently launched Mastercard Send, a facility that leverages the company’s global payments network and card products to provide cardholders and businesses with the lowest cost, convenient, fast, safe, and reliable way to carry out person to person (P2P) and businesses to person (B2P) money transfers. Mastercard Send is a key ingredient solution for ecosystem enablement.

Going beyond payments

Through its cyber and intelligence solutions, Mastercard, can help Fintechs monitor the cyber environment to identify vulnerabilities in their digital infrastructure and build actionable plans to mitigate risks. The company’s solutions in this domain help in identity verification, authentication, fraud prevention and risk mitigation across all interactions, payment channels, as well as stakeholders, issuers, acquirers, merchants, processors, and consumers. Further, Mastercard’s Brighterion, an Ai-based solution, helps develop models that solve specific business challenges through anti-money laundering, credit risk management and acquirer fraud management.

The company has forged strong reseller partnerships to support customers who are on the lookout for robust cybersecurity solutions. A recent partnership with a local party to resell Riskrecon, a cybersecurity product that enables organizations to assess and manage cybersecurity threats and risks across supply chains and third-party vendors, has seen immense success. Riskrecon comes with a self-scan tool that monitors the cybersecurity performance of organizations using open-source intelligence by employing passive, non-invasive techniques.

Supporting expansion

Mastercard has helped many home-grown Fintechs expand their operations beyond Sri Lanka. Additionally, the company has supported several small players from concept to commercialization by leveraging its rich expertise in the payments field. Further, Mastercard’s Start Path, an awardwinning startup engagement program for Fintechs with global ambitions, gives young industry players access to the company’s strong network and cutting-edge technology and solutions.

Mastercard also has dedicated experience centers that act as interactive and immersive spaces for customers and partners to come together and explore innovative solutions to unlock new growth opportunities. The company’s approach allows for focused co-creation that addresses key challenges and lays emphasis on meeting the needs of consumers and communities. Located in Mexico City, New York, Dublin, London, Dubai, Singapore and Sydney, Mastercard’s Experience Centers are designed to build client relationships and begin new partnerships through engaging storytelling and compelling digital showcases. Among other things, these facilities provide a physical and virtual platform to companies to interact with experts and turn their expansion plans into reality.

Working towards financial inclusion

Mastercard is making it easy for Fintech innovators to gain from the vast utility and scale of its network and develop new solutions. With a bouquet of offerings ranging from cryptocurrency and open banking to data intelligence and identity solutions, the company is continuously developing and offering new tools and services to create growth opportunities for small and large players. Thanks to its continuous innovation, a Fintech firm of any size and from anywhere in the world can easily engage with Mastercard, rapidly integrate, and take new solutions to the market at a reasonable cost.

Through partnerships in 172 countries, Mastercard is powering innovation in the Fintech industry to not only accelerate the multirail strategy of businesses, but also enable a more financially inclusive future for everyone.