The global payment technology firm, master card, and a major cryptocurrency gateway provider in Indonesia, Fasset, have made their partnership agreement official. Under the partnership agreement, both companies will collaborate to develop digital solutions to enhance cryptocurrency adoption in Indonesia. The association also aims to increase financial inclusion among Indonesians and provide more opportunities to improve the local economy. Speaking about the collaboration, Mastercard Indonesia executive Navin Jain said the financial services company wants to provide all the support Fasset needs to improve financial inclusion in the South Asian nation. Jain adds that the collaboration will give residents greater access to digital technologies. One of Fasset’s most senior executives, Hendra Suryakusuma, told the media that Indonesia’s unbanked population exceeds 91 million. Suryakusuma also said that part of the objectives of this association is to ensure that the majority of this unbanked population can access financial services in the shortest possible time.
Our collaboration aims to reduce the barrier of access to digital finance. Therefore, we can enable more people to enjoy the benefits of new financial services technology.
The Fasset executive added that a greater cryptocurrency adoption in nations like Indonesia it would positively affect the broader crypto space. According to him, further adoption in Indonesia will prompt more countries to follow the same path. Consequently, this would improve the rate of growth of its economy. He explained that the legalization of crypto assets will expand their application areas and use cases. Thus, improving the various industries of the nation and the local economy in general. Fasset is a blockchain built on ethereum which allows crypto exchanges. It started operations three years ago and its headquarters are in the United Kingdom. Its target audience is emerging economies. Last month, the firm also obtained three operating licenses from the Malaysian financial regulator to extend its services to Malaysians.
Mastercard continues to explore the crypto space
Last month, Mastercard diversified its services into the non-fungible token (NFT) sector. The global payment technology firm has an agreement with multiple NFT marketplaces. Through this agreement, Mastercard cardholders can use their cards to purchase NFTs. Therefore, they no longer need to buy crypto before they can buy NFTs. Two months ago, Mastercard CEO Michael Miebach made a controversial statement while speaking at a forum on central bank digital currencies. He said that swift (a cross-border payment platform) will no longer exist within the next five years. However, a Mastercard representative claimed that he misrepresented Miebach. The representative said that what Miebach meant was that Swift’s operations would have evolved. Therefore, its current operations would have been modified. There have been several complaints regarding the length of time it takes for Swift to complete transactions. Therefore, the representative further explained that Swift is making various efforts to improve fast cross-border transactions. One of their efforts is to use CBDC and digital assets to complete your transactions faster.