Mastercard partners with CredibleX, LikeCard, and Al Etihad Payments

Through these collaborations, Mastercard aims to improve its focus on the UAE region, simplify access to finance for financial literacy, and optimise payment processes.

Launching co-branded debit cards in the UAE

Al Etihad Payments, which operates the UAE’s national card switch and manages the domestic card scheme Jaywan, is a subsidiary of the Central Bank of the UAE. The partnership aims to launch Jaywan – Mastercard co-badged debit and prepaid cards in the UAE to enable cardholders to carry out secure and more accessible transactions, including ecommerce payments.

Mastercard aims to facilitate better access to financial services and support more people to leverage the benefits of the digital economy. The two companies will work closely together in cooperation with other market players to boost user experience and offer solutions that meet the needs of the UAE’s payment ecosystem. Al Etihad Payments plans to offer its users more convenience, security, and access to a global network of financial services by leveraging Mastercard’s technology.

Supporting SMEs with CredibleX

SMEs in the UAE face barriers to traditional financing due to limited credit history or lack of formal documentation. With the insights provided by Mastercard, CredibleX can rely on a more comprehensive evaluation of a business’ financial health, helping SMEs to secure better loan terms and access higher credit amounts. This partnership empowers SMEs to grow, contributing to the UAE’s economic diversification goals.

Following this announcement, Small Business Credit Analytics, developed by Mastercard, will be integrated into CredibleX’s embedded financing solution. SBCA offers lenders data-driven insights, with the consent of the business, to help assess the financial performance and retail sales of SMEs. This can lead to more informed decision-making, reduced underwriting time, and improved risk management for CredibleX.

The launch of a family banking solution

Finally, by collaborating with LikeCard, Mastercard aims to support the launch of a family banking solution designed to improve financial literacy and responsible spending for families in the MENA region.

The solution is integrating AI-powered financial tools into a smartphone app to make it easier for families to track expenses, set limits on spending, and tech children essential money skills.