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Mastercard, Eureka AI tie up to drive financial inclusion in APAC region

Mastercard, Eureka AI tie up to drive financial inclusion in APAC region
Photo Credit: Pixabay
14 Dec, 2021

Mastercard has joined hands with Eureka AI to offer products to customers in Asia-Pacific region that consist of banks, non-banking financial companies, insurance firms, ride-hailing, food delivery and OTT platforms.

With this collaboration, Mastercard said that its customers will now benefit from advanced analytics and technology solutions that will enable credit and risk scoring as well as faster lending decisions.  

“Today, only 15% of MSMEs in Asia have access to formal credit. Through this partnership, we will provide creditors with an efficient way to combine powerful commercial information with consumer telco and account aggregation data. This drives financial inclusion by delivering financial services, especially credit facilities, to marginalized segments like small businesses and women entrepreneurs across the Asia Pacific region,” said Rajeev Kumar, Senior Vice President, Market Development, South Asia, Mastercard.  

Mastercard also maintained that the collaboration will see creditors being served with unique credit risk assessment tools with an effective rank-ordering system of credit risk for small and medium-sized enterprises and consumers.    

Benjamin Soemartopo, CEO, Eureka AI, said, “We aim to bridge the data divide and enable real-time structured decision making through our capabilities in advanced analytics on account aggregator data.  

Mastercard’s leading position worldwide as a financial services, payments and technology pioneer will enable Eureka take its advanced analytics solutions to institutions that are looking to capitalize on the growing credit needs across various lending segments.”

Mastercard had on November 10, 2021, announced to extend its crypto-linked payments cards to the Asia-Pacific region, partnering with three crypto service providers.

In Asia, the company is going to partner with Thailand-based Amber Group and Bitkub, along with Australian crypto exchange Coinjar.

Read more: Mastercard brings crypto-linked payments cards to APAC region