| | MARCH 20268IN FOCUSMastercard is launching a new platform to help banks tackle SME cross-border payment friction in Asia Pacific.The company has introduced Mastercard Global Commerce Suite for Small Businesses, a new offer-ing powered by Mastercard Move.It is developed to support banks and SMEs with cross-border payments, collections and expenses.It is now available to banks and financial institu-tions in Hong Kong SAR, with plans to expand into selected Asia Pacific markets.The launch comes as more SMEs in the region expand into cross-border trade, yet continue to face challenges such as limited payment visibility, regula-tory compliance, unclear timelines, and fragmented processes.Mastercard said the suite includes virtual ac-counts in multiple currencies, a multi-currency card, app-based controls, API links to marketplaces and ecommerce platforms, and near real-time payment tracking.It also includes authentication and compliance features aimed at reducing friction and fraud.Anouska Ladds, EVP, Commercial and New Pay-ment Flows, Asia Pacific at Mastercard, said,"Mastercard Global Commerce Suite for Small Businesses aims to offer banks a powerful, scalable way to support SME growth by bringing payments, visibility, and control together in one platform that is purpose-built for cross-border commerce.It will enable banks to serve SMEs more effective-ly, while building the foundation for deeper, long-term relationships as their customers grow."Mastercard Move supports money movement across more than 200 countries and territories and in more than 150 currencies. MASTERCARD LAUNCHES A CROSS-BORDER PAYMENTS SUITE FOR APAC SMEs
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