Mastercard 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 offering 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 institutions 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, regulatory compliance, unclear timelines, and fragmented processes.
Mastercard said the suite includes virtual accounts 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 Payment Flows, Asia Pacific at Mastercard, said,
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“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.
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It will enable banks to serve SMEs more effectively, while building the foundation for deeper, long-term relationships as their customers grow.”
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Mastercard Move supports money movement across more than 200 countries and territories and in more than 150 currencies.