Mastercard collaborates with Fasset to drive crypto adoption in Indonesia

• The financial services company aims to support the local crypto gateway provider’s efforts in pushing financial inclusion among Indonesians.
• Mastercard continues its expansion into the crypto space.

Global tech payments firm, Mastercard, and a top crypto gateway provider in Indonesia, Fasset, have made their partnership deal official. Under the partnership deal, both firms will collaborate to develop digital solutions to enhance crypto adoption in Indonesia.

The partnership also aims to increase financial inclusion among Indonesians and provide more opportunities to improve the local economy. While speaking about the collaboration, Mastercard Indonesia executive, Navin Jain, said the financial services company wants to provide all the support that Fasset needs to improve financial inclusion in the south Asian nation.

Jain adds that the collaboration will provide residents with greater access to digital technologies. One of Fasset’s top-level executives, Hendra Suryakusuma, told the media that Indonesia’s unbanked population is over 91 million. Suryakusuma further said part of the objectives of this partnership is to ensure that majority of this unbanked population can access financial services in the shortest time.

Our collaboration aims to reduce the obstacle of access to digital finance. Thus, we can enable more persons enjoy the benefits of newer financial services technology.

The Fasset executive added that greater crypto adoption in nations such as Indonesia would positively affect the wider crypto space. According to him, a greater adoption in Indonesia will drive more countries to follow the same path. Consequently, that would improve the pace of growth of their economy.

He explained that the legalization of crypto assets will expand their areas of application and use cases. Thus, improving the nation’s various industries and the wider local economy.  Fasset is an Ethereum-built blockchain that enables crypto swaps.

It started operations three years ago and its headquarters is in the UK. Its target audience is the emerging economies. Last month, the firm also obtained three operating licenses from Malaysia’s financial regulator to extend its services to Malaysians.

Mastercard keeps exploring the crypto space

Last month, Mastercard diversified its services into the nonfungible token (NFT) sector. The global tech payments firm has an agreement with multiple NFT marketplaces. Through this agreement, Mastercard card holders can use their cards to buy NFTs.

Hence, they no longer need to buy cryptos before they can buy NFTs. Two months ago, Mastercard CEO, Michael Miebach made a controversial statement while speaking at a forum for central bank digital currencies. He said swift (a cross-border payment platform) will no longer exist within the next five years.

However, a Mastercard representative claimed that Miebach was misunderstood. The rep said what Miebach meant was that swift’s operations would have evolved. Hence, their current operations would have been modified. There have been several complaints regarding the period it takes swift to complete transactions.

Hence, the rep further explained that swift is making various efforts to enhance fast cross-border transactions. One of its efforts is using CBDCs and digital assets to complete its transactions faster.