The digital wallet promises to reduce remittance fees for underbanked employees in the UAE by enabling transfers to up to five people for the price of one.

This marks a significant escalation in a longstanding dispute between the financial sector and the Buenos Aires-based fintech giant.

The Argentinian Central Bank recently announced that, with the assistance of non-traditional players such as fintech, the financial system is on the verge of achieving full coverage for the adult population.

Argentine Foreign Minister Santiago Andres Cafiero visited BRAC head office on Monday to learn about BRAC's approach to designing anti-poverty solutions, especially with a focus on women's empowerment and financial inclusion of rural women.

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The partnership will see the launch of two unique card products designed to meet the growing needs of businesses and underbanked individuals, supported by a feature-rich digital app powered by Mastercard’s secure, contactless payment technology.

Banks can draw on the facility to provide new loans and financing to individuals, small and medium-sized enterprises, and other private corporates affected by the virus fallout.

The Central Bank of Argentina (BCRA) is testing a new blockchain-powered clearing system that could be used by some of the country's largest financial institutions.