Mastercard and UAE-founded spend management fintech company Qashio have partnered to launch corporate credit cards with virtual issuance capabilities.
The strategic partnership is aiming to make the future of expense management cashless, transparent and flexible for corporates, the firms said in a statement.
In line with the UAE government’s vision to grow a robust digital economy, the companies are expanding access to commercial B2B and allowing SMEs to more easily enhance their operations with a digital-first approach. The announcement builds on Mastercard’s expanding capabilities in the B2B commercial space, while Qashio continues to grow its reach and network of corporates.
Armin Moradi, CEO and Co-founder of Qashio 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.”
As a significant portion of corporate spending is often done using personal cards, petty cash, and checks it has become increasingly important for businesses to modernize their corporate spend management. Not only does this reduce the reconciliation and manual work by accountants but it can result in significant time savings.
Qashio’s cards and software have been designed to allow businesses take a more automated and transparent approach to managing their spending. This includes improved expense reporting and visibility, and greater control of cash flows.
Gina Peterson-Skyrme, Vice President and Country Business Development Lead for the UAE & Oman, Mastercard added: “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.”
