Mastercard, which is a provider of financial services, has teamed up with a developer of crypto gateways Fasset, to jointly create digital solutions that would accelerate adoption in Indonesia. The partnership focuses to open up new opportunities for the local economy in the Southeast Asian country and increase financial inclusion in the nation.

In a statement, Navin Jain, the national manager for Mastercard Indonesia, stated that the company will assist Fasset in its efforts to promote financial inclusion in the nation. Fasset focuses to reduce the divide by partnering with Mastercard to offer financial access and digital capabilities.

In addition, according to the CEO, the acceptance of cryptocurrencies in nations like Indonesia will have a bigger impact on the overall crypto ecosystem. He thinks that it would act as a model for other nations looking to advance and quicken economic growth. He further continued that greater legitimization of crypto assets, their use cases, and application areas are the consequences for the industry.

The cryptocurrency company claimed that in addition to broadening the range of products it offers, it is also developing venues for training and education to help underprivileged groups gain access to the formal banking sector.

In June the size of the network for nonfungible token (NFT) exchanges was increased by Mastercard. The payment processing company has teamed with NFT marketplaces to allow cardholders to buy NFTs immediately using their cards, doing away with the requirement to first buy cryptocurrency.

In May during a discussion on central bank digital currencies back, Michael Miebach, CEO of Mastercard, made the audacious forecast that the cross-border transaction platform SWIFT might no longer exist in five 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.

Fasset Technologies is a Middle Eastern cryptocurrency exchange. In April the company confirmed that it had acquired $22 million in Series A funding and was now trying to expand into Indonesia. According to a recent survey with 41% of its population possessing cryptocurrencies, Indonesia is one of the top nations in terms of adoption. As per the report, an executive at Fasset named Hendra Suryakusuma said 92 million, or 66 percent, of people in Indonesia, would still be without a bank account, giving it a major market for financial inclusion.

Indrani bose

CBW - External Analyst

INDIA