Mastercard Partners With Fasset to Drive Financial Inclusion in Indonesia

Banking the unbanked is a common theme among cryptocurrency proponents

article-image

Source: Shutterstock

share

key takeaways

  • Indonesia remains a leader in cryptocurrency ownership
  • More than half of crypto investors in Indonesia are women

Global payments platform Mastercard has partnered with Middle Eastern global digital asset gateway, Fasset, to expand its financial services to Indonesia.

There are currently over 92 million unbanked people in Indonesia, and the collaboration between Mastercard and Fasset aims to use the digital asset market in furtherance of financial inclusion goals.

“Asset ownership is the strongest way to power healthy livelihoods and economies. Digital asset-driven remittance corridors can unleash a new wave of socioeconomic prosperity through unique product offerings that we’re diligently building,” Hendra Suryakusuma, Country Director of Fasset Indonesia, said in a statement.

Learn more: Can Crypto Address the Biggest Obstacle Facing the Unbanked?

Fasset, the platform that allows users to buy, sell, send and store digital assets and tokens, raised a $22 million Series A led by Liberty City Ventures and Fatima Gobi Ventures in April this year and has since had ambitions to expand its offerings to Indonesia and Pakistan. 

Indonesia currently leads in cryptocurrency ownership worldwide in terms of percentage adoption. According to Gemini’s 2022 Global State of Crypto report, 41% of surveyed participants in Indonesia own digital assets. The island nation also leads in the adoption of cryptocurrency among women, who make up more than half of crypto investors in the country.

“With more people relying on digital assets and technologies to become resilient, there is a need for key players in the public and private sectors to come together to create solutions that can lead to new opportunities and solutions for wider financial inclusion,” Navin Jain, Country Manager of Mastercard Indonesia said.

Mastercard has been actively expanding its services in the crypto space. Alongside Web3 influencers, it recently announced the launch of The Belle Block, a community group focused on empowering women and non-binary individuals to use Web3 technology and cryptocurrency and also partnered with various NFT marketplaces to allow cardholders to directly purchase NFTs with fiat currencies.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

BUZZ holds shares of Coinbase, Robinhood and MicroStrategy

article-image

Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit