Mastercard has partnered with Monak, a fintech company based in the Middle East, to roll out a digital financial services platform.
The launch aims to improve cross-border transfers for migrant workers and improve wage disbursement and onboarding processes for employers. It also minimises the cost and complexity associated with basic financial services, thus supporting efforts for financial inclusion.
Better services for migrant workers
The move addresses the challenges faced by migrant workers, who have been underserved by traditional financial services. By offering access to simple money movement and expense management tools, the alliance aims to reduce imbalances and contribute to better economic stability for workers and their families.
According to a report by the UN Department of Economic and Social Affairs, GCC countries are home to millions of foreign workers, making up more than 50% of the region’s population. This number reflects the urgency with which companies like Monak should address the unique challenges and opportunities presented by migration. The company provides migrant workers with the skills necessary to navigate the digital financial landscape more easily.
Mastercard believes that everyone deserves the opportunity to grow and thrive in the digital economy. When individuals have the ease of money movement, the convenience of digital wages, and access to financial services, it provides confidence when working far from home. The company is committed to enabling secure, convenient and inclusive solutions that meet the needs of communities while remaining complains with the local and global regulations, and through the collaboration with Monak, it aims to advance its efforts and support migrant workers.
Employers will benefit from the platform’s features, facilitating recruitment, onboarding and payroll, as well as allowing for timely wage disbursements and enabling workers to remit earnings back to their families quickly and securely. This approach underscores the shared commitment by Mastercard and Monak to driving positive financial outcomes and fostering economic growth across emerging markets.
