Mastercard and Qashio Join Forces to Revolutionise Corporate Spending in MENA
In a move towards advancing the digital transformation of the business landscape, global technology giant Mastercard has joined forces with UAE-based fintech, Qashio to introduce corporate credit cards endowed with virtual issuance capabilities across the region. The strategic collaboration aims to propel the future of expense management into a cashless, transparent, and flexible realm for corporations operating within the Middle East and North Africa (MENA) region.
Aligned with the UAE government's ambitious vision of cultivating a robust digital economy, Mastercard and Qashio are ushering in a new era of access to commercial business-to-business (B2B) solutions. This partnership holds the potential to empower small and medium-sized enterprises (SMEs) with the tools to embrace digitalisation and overhaul their operations with a digital-first mindset.
Armin Moradi, CEO and Co-founder of Qashio, expressed his enthusiasm for the partnership, stating, "Collaborating with Mastercard is a monumental opportunity for the fintech industry in the MENA region. Mastercard's global reach provides access to invaluable learning experiences, while also offering the stability and security of a multinational powerhouse that commands respect in both the payments and fintech sectors."
The recent announcement marks a significant expansion of Mastercard's capabilities within the B2B commercial arena. Meanwhile, Qashio continues to extend its reach and consolidate its network of corporate entities, positioning itself at the forefront of innovative spend management solutions.
The collaboration promises a paradigm shift for businesses by delivering the convenience of cashless transactions and automated expense management. This transformative approach not only streamlines the process of digitisation but also facilitates the seamless modernisation of corporate expenditure management.
Gina Peterson-Skyrme, Vice President and Country Business Development Lead for the UAE & Oman at Mastercard, echoed this sentiment by underlining the UAE's rapid progress towards establishing a cashless economy. By actively participating in the fintech and SME sectors, Mastercard not only empowers businesses to enhance operational efficiencies through its innovative technology and solutions but also aligns with the nation's vision of a digital-first economy. Peterson-Skyrme lauded Qashio's comprehensive end-to-end spend management platform for its potential to unlock new horizons for SMEs and expressed Mastercard's eagerness to collaborate in order to introduce seamless and rewarding commercial B2B payment solutions to a broader spectrum of enterprises.
A notable proportion of corporate expenditures are still carried out using personal cards, petty cash, and traditional checks. This underscores the critical need for the digitisation and modernisation of corporate spending management practices. By embracing Qashio's pioneering virtual and physical card solutions alongside its advanced software, businesses stand to benefit from enhanced automation and transparency in managing their spending. This transformation ultimately leads to substantial time savings, as manual work and reconciliation tasks undertaken by accountants are drastically reduced.
The collaboration between Mastercard and Qashio holds the potential to reshape the landscape of corporate expense management, forging a trail towards a digitalised, automated, and more efficient future for businesses across the MENA region.