Mastercard partners with Bahrain Institute of Banking and Finance

Monday 11 September 2023 12:02 CET | News

Mastercard has announced its partnership with the Bahrain Institute of Banking and Finance in order to drive financial inclusion in Bahrain and other wider regions.

Following this partnership, the BIBF is set to work with the Mastercard Academy in order to develop and deliver customised, secure, and scalable digital and physical learning courses. The two companies also aim to explore more capabilities and opportunities to optimise industry events by offering subject matter expert speakers and panelists the opportunity to showcase their experience in leadership. Mastercard Academy has access to multiple experts across Mastercard’s global network, offering the company’s clients and customers the possibility to access professional insights, knowledge, and skills. 

Furthermore, Mastercard will use its resources, products, assets, and partners in order to assist the Bahrain Institute of Banking and Finance in the process of engaging with Bahrain’s community. The focus will be on several target segments, such as students and entrepreneurs. 

Mastercard has announced its partnership with the Bahrain Institute of Banking and Finance in order to drive financial inclusion in Bahrain and other wider regions.


Mastercard’s recent development strategy

Global technology company in the payment industry Mastercard announced multiple partnerships and launches in the last couple of months, across several different geographic regions around the world. 

In September 2023, Philippines-based Asia United Bank collaborated with Mastercard in order to launch a virtual card, designed for online purchases in a bid to support digitalisation. The Mocasa virtual card was set to provide AUB clients with the needed access to Mastercard’s extensive and secure online merchant network. This aimed to give users the possibility to make efficient and convenient transactions at a multitude of online traders and businesses. 

Officials of the Asia United Bank further explained that the Mocasa virtual card was developed to provide customers with options to employ loan funds disbursed to them. By using the Mocasa application, individuals were enabled to allocate loan proceeds in order to pay utility bills, make purchases through existing Mocasa merchant collaborations and deals, as well as to execute QRPh trader payments. 

Earlier in the same month, Mastercard teamed up with supply chain finance platform KredX in order to make the B2B digital payments rewarding and efficient for both enterprises, as well as vendors. Throughout the deal, Mastercard needed to integrate its commercial card solution with the KredX platform, which was set to eliminate complexities associated with B2B payments. 

The platform focused on allowing businesses and vendors to optimise their cash flows by equipping them with new features, such as price discovery, early payments, as well as dynamic discounting. Moreover, by being powered by artificial intelligence, it also acted as a complete procure-to-pay capability for enterprises, improving the way they made efficient matching and processing of invoices. 

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Keywords: partnership, financial inclusion, mobile banking, online banking, digital banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: Bahrain Institute of Banking and Finance, Mastercard
Countries: Bahrain
This article is part of category

Banking & Fintech

Bahrain Institute of Banking and Finance



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