Digital financial platform collaboration between Mastercard and Oman's Monak, intended for migrant workers.
Mastercard and Monak Launch Digital Financial Services Platform for Migrant Workers
In a significant move to address financial challenges faced by migrant workers in the Middle East, Mastercard has partnered with Monak, an Oman-based fintech company, to launch a digital platform. This platform aims to facilitate secure and affordable cross-border money transfers, improve wage disbursement, and streamline onboarding and payroll processes for employers.
The collaboration marks a significant step in enabling migrant workers to participate fully in the digital economy beyond their own borders while improving overall financial security and satisfaction. According to the UN Department of Economic and Social Affairs (UN DESA), GCC countries are home to over 30 million foreign workers.
The key aims of the collaboration include reducing the cost and complexity of remittances and financial services for migrant workers. The platform provides seamless access to money movement and expense management tools, enhancing employer functions such as recruitment, onboarding, and payroll integration. It also supports broader financial inclusion initiatives in underserved communities across the Middle East, Asia, and Africa.
Salim Al Shanfari, co-founder and managing director of Monak, expressed his excitement about the collaboration with Mastercard. He stated, "This partnership underscores our shared commitment to driving positive financial outcomes for migrant workers." Muhammad Nana, Senior Vice President of Digital Partnerships at Mastercard, added, "Our aim is to empower migrant workers and ensure they can fully participate in the digital economy beyond their own borders."
The platform reduces the cost and complexity traditionally associated with basic financial services. It allows for timely wage disbursements and enables workers to remit earnings back to their families quickly and securely. This contributes to economic stability and improved operational efficiency.
Moreover, the partnership marks a significant milestone in Monak's expansion strategy, particularly within the Middle East market. Monak is among the first Omani companies to join the Sanabil 500 MENA Seed Accelerator Program by 500 Global and Sanabil Investments.
The collaboration between Mastercard and Monak is expected to reduce disparities and contribute to greater economic stability for workers and their families. By improving economic growth across emerging markets, it highlights the significance of companies like Monak that focus on addressing the unique challenges and opportunities presented by migration.
References:
[1] Mastercard Newsroom. (2022). Mastercard and Monak partner to address financial challenges faced by migrant workers in the Middle East. Retrieved from https://newsroom.mastercard.com/press-releases/mastercard-and-monak-partner-to-address-financial-challenges-faced-by-migrant-workers-in-the-middle-east/
[2] Monak. (2022). Monak and Mastercard partner to launch digital financial services platform for migrant workers. Retrieved from https://www.monak.io/news/monak-and-mastercard-partner-to-launch-digital-financial-services-platform-for-migrant-workers
[3] Arabian Business. (2022). Mastercard partners with Oman's Monak to launch digital financial services platform for migrant workers. Retrieved from https://www.arabianbusiness.com/banking-finance/846310-mastercard-partners-with-oman-s-monak-to-launch-digital-financial-services-platform-for-migrant-workers
[4] UN DESA. (2021). International Migration Report 2020. Retrieved from https://migration.un.org/publications/the-migration-report/2020/
[5] Fintech News Middle East. (2022). Mastercard and Monak partner to empower migrant workers in the Middle East. Retrieved from https://www.fintechnewsme.com/2022/03/24/mastercard-and-monak-partner-to-empower-migrant-workers-in-the-middle-east/
- The digital financial services platform launched by Mastercard and Monak, a fintech company based in Oman, is designed to enhance the security of money transfers for migrant workers in the Middle East.
- The partnership between Mastercard and Monak is a significant step forward in the fintech industry, aiming to improve the affordability of cross-border remittances and financial services for migrant workers.
- The collaboration between Mastercard and Monak represents a crucial contribution to the technology sector, aiming to boost financial inclusion initiatives and ease business operations for employers, particularly in underserved communities across the Middle East, Asia, and Africa.
