Mastercard Partners with Fasset to drive crypto adoption in Indonesia

Fasset's initiatives to promote financial inclusion in the nation will get funding from Mastercard

By Shashank Bhardwaj

Image: Shutterstock

Financial services provider Mastercard has teamed up with Fasset, a crypto gateway provider, to create digital solutions that could accelerate adoption in Indonesia jointly. The partnership seeks to increase financial inclusion in the nation and open up new opportunities for the local economy.

The national manager for Mastercard Indonesia, Navin Jain, stated in a statement that the company would assist Fasset in its efforts to promote financial inclusion in the nation. Jain claims that the alliance will increase communities' access to modern technologies.

An executive at Fasset named Hendra Suryakusuma avered that 92 million people in Indonesia are unbanked. Suryakusuma said that Fasset and Mastercard would close this gap to improve access to digital financial services. Suryakusuma clarified: "Our partnership seeks to lower the barriers to digital finance and drive greater opportunities to benefit from the use of emerging financial services."

In addition, the CEO thinks that accepting crypto assets in nations like Indonesia will greatly impact the overall crypto ecosystem. He emphasised that it will act as a model for other nations looking to advance and quicken economic growth and will result in the greater legitimisation of crypto assets, their use cases, and application areas in the industry.

Mastercard increased its network for non-fungible token (NFT) exchanges in June. The payment processing company teamed with NFT marketplaces to enable cardholders to buy NFTs immediately using their cards, doing away with the requirement to buy crypto first.

During a panel discussion on central bank digital currencies in May, Michael Miebach, CEO of Mastercard, made the bold forecast that the cross-border transaction platform SWIFT might no longer exist in five years (CBDCs). After the panel, a Mastercard representative made it clear that it was not a yes-or-no question but rather a reiteration of SWIFT's earlier claims that its business practices will evolve with time.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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