Mastercard and MDEC Ink MoU To Drive Electronic Payments and Accelerate Financial Inclusion

Mastercard today signed a memorandum of understanding (MoU) with Malaysia Digital Economy Corporation (MDEC), an agency under the Ministry of Communications and Multimedia Malaysia (KKMM) to advance the digitalization of Malaysia’s economy, and support digital initiatives outlined in the government’s new PENJANA economic recovery plan. The partnership will focus on enabling e-commerce for micro, small-and-medium-sized enterprises (MSMEs); foster financial inclusion for unbanked and underbanked populations in rural communities; and drive adoption of digital disbursement solutions.

Under the collaboration, Mastercard will work together with MDEC to support industry partners to facilitate the rollout of Mastercard payments and business technologies, such as Mastercard Payment Gateway Services, Kionect microcredit platform (which helps agents of FMCG sector) and Mastercard Tap-on-Phone Contactless Technology and Simplify Commerce—a platform which gives small businesses much of the ready-made infrastructure they need to engage in e-commerce. The expansion of digital payments technologies will in part be geared towards helping create smarter, more sustainable and inclusive communities for residents and local businesses.