Mastercard has entered a long-term strategic partnership with leading payment processing service provider areeba to anchor payment platforms in the Middle East.
The two entities will team up to provide new Mastercard card-as-a-service (CaaS) and bank-as-a-fintech (BaaF) propositions, according to a press release.
This step will offer Mastercard's products and services to fintech companies and non-banking financial institutions by building ready-to-market hubs in selected Arab countries that span from the Levant to North Africa.
Maher Mikati, CEO of Areeba, said: “Our partnership with Mastercard will provide new market segments and demographics access to Mastercard products, services, and relevant benefits.”
“These will be available as light-touch, off-the-shelf propositions with subscription and pay-as-you-grow pricing scheme that can be launched in weeks instead of months,” Mikati added.
The partnership will secure an accessible and suitable environment for financial institutions to introduce new products to the market.
Moreover, consumers will be able to access a wide range of digital financial products, such as youth and family banking.
The collaboration will also support governments and the community by assisting with on-soil mandates and launching new products aimed at enhancing financial wellness and educational apps for the young generation.
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