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Fintech News ME
5 days ago
- Business
- Fintech News ME
Mastercard and Monak Launch Digital Platform for Migrant Workers
Mastercard has partnered with Oman-based fintech firm Monak to introduce a digital financial services platform aimed at improving cross-border money transfers for migrant workers and streamlining wage disbursement and onboarding processes for employers. The initiative also seeks to lower the cost and complexity typically linked to basic financial services, supporting wider financial inclusion efforts. The platform responds to long-standing challenges faced by migrant workers, a group that has traditionally been underserved by formal financial systems. By offering tools for easier money transfers and expense management, often delayed by slow onboarding. this partnership aims to narrow access gaps and promote greater economic stability for workers and their families. Figures from the United Nations Department of Economic and Social Affairs (UN DESA) estimate that Gulf Cooperation Council (GCC) countries host over 30 million migrant workers, accounting for more than half of the region's population. This substantial presence highlights the importance of companies like Monak, which focus on the specific financial needs of this demographic. Monak also provides migrant workers with the necessary skills and knowledge to manage digital financial tools effectively. 'Everyone deserves the freedom to thrive in the digital economy. When people benefit from the ease of money movement, convenience of digital wages and financial services access, it also provides confidence when working far from home, which is why this is such a benefit for migrant workers,' said Muhammad Nana, Senior Vice President, Digital Partnerships, Eastern Europe, Middle East and Africa at Mastercard. 'Through our partnership with Monak, we are advancing our efforts to empower migrant workers and ensure they can fully participate in the digital economy beyond their own borders.' This collaboration continues Mastercard's broader work to improve financial inclusion in underserved communities. By developing partnerships and products that increase access to digital tools, Mastercard aims to support more individuals in achieving financial security and accessing essential services. 'We are delighted to team up with Mastercard, to offer seamless and user-friendly financial services experience to our valued partners across the Middle East, Asia and Africa. This collaboration marks a significant milestone in our expansion strategy, particularly within the burgeoning Middle East market, reinforces our mission to enable inclusive digital transformation,' said Said Salim Al Shanfari, co-founder and managing director at Monak. The platform also offers benefits to employers by integrating recruitment, onboarding and payroll functions. It enables timely wage payments and allows workers to remit funds to their families securely and efficiently, contributing to better worker satisfaction and operational processes.
TECHx
6 days ago
- Business
- TECHx
Mastercard and Monak Launch Digital Platform for Workers
Home » Emerging technologies » Fintech » Mastercard and Monak Launch Digital Platform for Migrant Workers Mastercard has announced a partnership with Monak, an Oman-based fintech company, to launch a digital financial services platform. The platform aims to improve cross-border money transfers for migrant workers. It also streamlines wage disbursement and onboarding processes for employers. This initiative addresses key challenges faced by migrant workers, a group often underserved by formal financial services. By offering seamless money movement and expense management tools, the platform reduces delays caused by slow onboarding. It also lowers the cost and complexity of basic financial services. These efforts support broader financial inclusion. According to the UN Department of Economic and Social Affairs, GCC countries host over 30 million foreign workers, making up more than half of the region's population. This highlights the importance of Monak's focus on migrant workers. The company equips users with skills to navigate the digital financial landscape. Mastercard's Senior VP, Muhammad Nana, said the partnership advances financial inclusion and empowers migrant workers to participate fully in the digital economy. Meanwhile, Monak's co-founder Said Salim Al Shanfari emphasized the platform's role in inclusive digital transformation across the Middle East, Asia, and Africa. Employers also benefit from integrated recruitment, onboarding, and payroll tools. The platform enables timely wage payments and fast, secure remittances back to workers' families. This enhances worker satisfaction and operational efficiency. Monak also promotes digital and financial literacy to empower users beyond just financial access. The company recently joined the Sanabil 500 MENA Seed Accelerator Program, highlighting its commitment to innovation. Partnership targets financial inclusion for migrant workers Platform simplifies cross-border payments and payroll Monak recognized by Sanabil 500 MENA Accelerator Program
