South Asia is a major market for the fintech company
Mastercard has announced its partnership with Sokin, a UK-based fintech payment company. The two firms have collaborated to increase fixed-price remittance services as well as affordable currency exchange in Sri Lanka, Nepal, India, Bangladesh, and the Maldives.
Sokin is currently the only payments provider globally to provide affordable and fast currency exchange and a fixed-free subscription payment at no hidden costs.
The partnership will enable the firm to utilize Mastercard’s extensive reach in the region. The firm will also use Mastercard’s secure and trusted card and banking services.
The partnership comes after the recent announcement that Sokin will be a principal member of Mastercard as well as take on the role of the card issuer in Singapore. The two firms have formed a partnership in the United Kingdom and Europe.
Beginning June 2021, Sokin will provide remittance services with no hidden charges. The company will also provide unlimited international money transmissions.
We’ve reported that Mastercard will increase its UK to EU interchange fees from October 2021, following Brexit.