Mastercard, the global tech giant, has joined forces with UAE’s renowned spend management FinTech firm, Qashio. Their combined ambition is to pioneer corporate credit cards endowed with virtual issuance capabilities throughout the region.
Central to their shared vision is the creation of a cashless, transparent, and adaptive future for corporate expense management.
Mastercard, a leading global technology entity, consistently diversifies its prowess in the B2B commercial arena. Their footprint in championing innovative payment solutions is recognised worldwide. On the other side of this partnership, Qashio, birthed in the UAE, has been making waves in the FinTech sector, steadily expanding its corporate network. Their primary focus is to help SMEs undergo a digital transformation with an emphasis on a digital-first strategy.
Both these titans are aligning their objectives with the UAE government’s aspiration for a powerful digital economy. By proffering commercial B2B solutions, they’re opening doors for SMEs to immerse in digitisation, ultimately redefining their operational fabric.
An alarming chunk of corporate expenditure still gets channelled through personal cards, petty cash, or cheques. This underscores the urgency to digitise and contemporise corporate spend management. The endgame? Slashing down the time spent on manual reconciliations by accountants.
Qashio’s product suite, encompassing virtual and tangible cards coupled with software, is revolutionising how businesses handle their finances. They’re making strides in automating spend management, offering transparency, and eradicating potential loopholes that result in financial losses. This innovation offers a double whammy for Finance and HR departments, handing them enhanced expense reporting, an eagle-eye view of cash flows, and a robust workforce empowered with greater financial insights.
Qashio CEO and Co-founder Armin Moradi said, “Collaborating with Mastercard is a huge opportunity for the MENA FinTech industry. Mastercard has provided access to global learning opportunities and lends the stability and security of a multinational firm that is well-known and highly respected in the payments and FinTech sectors.”
Mastercard Vice President and Country Business Development Lead for the UAE & Oman, Gina Peterson-Skyrme commented, “The UAE is on an accelerated path towards achieving a cashless economy. By playing an active role in the FinTech and SME sectors, Mastercard enables businesses to achieve operational efficiencies through our innovative technology and solutions while supporting the country’s vision of a digital-first economy.
“Qashio’s robust end-to-end spend management platform offers exciting new opportunities for SMEs, and we are pleased to collaborate with them to bring convenient and rewarding commercial B2B payments to more businesses.”
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