Petaling Jaya: MasterCard is strengthening the position of Malaysia as a leader of a digital economy, expanding financial inclusion through initiative to empower small businesses, women entrepreneurs and underscore communities.
MasterCard Malaysia and Brunei’s country manager Benna Pothane said that programs like “Street Malaysia” and “MasterCard Pay Local” are able to integrate micro, small and medium enterprises in the digital economy, while digital banking and open data progress is improving access to financial services across the country.
“A major component of this strategy is The Strever Hub, which has been launched in partnership with the Asia Foundation to provide women -led businesses to digital upscirling, mentorship and financial access.
He said, “Many women entrepreneurs in Malaysia face challenges such as limited access to capital and digital tools, the study suggests that only 60% of the digital solutions are used in their operations. Since its launch, Strever Hub has attracted around 6,000 active users, who demonstrate strong demand for support in digital landscape,” she said. Sunbiz,
Beyond female entrepreneurs, Bina said that the efforts of MasterCard also target small businesses, which are important for Malaysia’s economic development.
“Many MSMEs struggle with financing due to formal credit history or lack of collateral. Digital banking and open data are helping this difference to bridge by using alternative data using alternative data, helping to assess creditworks in the bridge, such as transactions pattern and payment behavior.
“MasterCard partnership with financial institutions and fintech firms is making it easy for small businesses to secure funding and reach financial services,” she said.
MasterCard is also carrying on cashless payment solutions, ensuring that all sizes can participate in the digital economy, Bena said.
MasterCard on MasterCard allows local consumers to connect their cards to local digital wallets, such as Touch in Malaysia, N Go and Dana in Indonesia, enabling spontaneous transactions in the entire region.
“This is especially beneficial for small traders, who can now accept digital payments from international tourists without the need for additional infrastructure, expand their revenue capacity,” Bina said.
He said that security remains a priority as Malaysia moves completely towards the digital economy, as the mastercard is investing in cyber security innovations such as artificial intelligence detection, token and behavior analysis to protect digital transactions.
“These measures not only protect businesses and consumers from cyber threats, but also help in creating confidence in digital payments, which accelerates their adoption across the country,” Bina said.
Additionally, he said, MasterCard initiative is aligning with Malaysia’s comprehensive economic vision, especially in tourism and digital commerce.
“A recent partnership with Tourism Malaysia aims to increase the country’s appeal as a digital-travel destination through an initiative like the upcoming journey Malaysia app, which will provide personal travel materials, cashless payment options and special offers for visitors.
“We are digital services with MasterCard Bill Pay, a platform that allows users to manage and pay bills digitally, reduces cash dependence on cash,” he said.
To pursue digital change, Bina said, MasterCard is supporting Malaysia’s digital banking sector.
He said, “We have played an important role in the launch of the first Digital Bank of GXBank, Malaysia, by providing access to our global payment network and advanced financial infrastructure. This collaboration is expected to expand the financial access to the expected communities, ensuring that more Malaysians benefit from digital banking services,” he said.
As Malaysia intensifies its infection in a cashless and digitally inclusive economy, it insisted that the MasterCard initiative is playing a role in shaping the country’s financial landscape.
“By investing in financial inclusion, digital payments, and cyber security, MasterCard is not only supporting local businesses and entrepreneurs, but also as a regional leader in digital commerce and innovation as a regional leader,” Bena said.
