In an effort to promote adoption in Indonesia, financial services company Mastercard has partnered with cryptocurrency gateway provider Fasset to co-develop digital solutions. The cooperation intends to increase financial inclusion and open up prospects for the Indonesia’s small business sector.
The Middle Eastern cryptocurrency exchange Fasset Technologies said in April that it had acquired $22 million in Series A funding and was now trying to expand into Indonesia.
According to a recent poll, with 41% of its population possessing cryptocurrencies, Indonesia is one of the top nations in terms of crypto adoption. However, 92 million, or 66%, of its population would still be without a bank account by 2021, giving it a major market for financial inclusion.
Fasset seeks to reduce the divide by partnering with Mastercard to offer financial access and digital tools. The cryptocurrency company said that in addition to expanding its product line, it is also creating venues for training and education to help underprivileged people in the formal banking industry.
Navin Jain, the country manager for Mastercard Indonesia, stated:
“The world is changing at an unprecedented rate. With more people relying on digital assets and technologies to become resilient, there is a need for key players in the public and private sectors to come together to create solutions that can lead to new opportunities and solutions for wider financial inclusion.”
According to Hendra Suryakusuma, an executive at Fasset, the acceptance of cryptocurrencies in nations like Indonesia will have a big influence on the wider crypto ecosystem since it will serve as a model for other nations to follow in terms of development and rate of economic growth.
He then further added, saying that “asset ownership is the strongest way to power healthy livelihoods and economies. Digital asset-driven remittance corridors can unleash a new wave of socioeconomic prosperity through unique product offerings that we’re diligently building.”