Mastercard has teamed up with Monak, a fintech company based in the Middle East, to launch a digital financial services platform.

This initiative focuses on enhancing cross-border transfers for migrant workers and streamlining wage disbursement and employer onboarding processes. Additionally, it aims to simplify basic financial services and promote greater financial inclusion by reducing associated costs and complexities.

Enhanced Services for Migrant Workers

The partnership addresses the needs of migrant workers who have historically been underserved by traditional financial systems. By offering tools for easy money movement and expense management, the alliance seeks to reduce disparities and foster better economic stability for workers and their families.

According to a UN report, GCC countries host millions of foreign workers, constituting over 50% of the region’s population. This statistic highlights the importance of initiatives like Monak’s in addressing specific challenges faced by migrants while offering them essential digital financial literacy skills.

Mastercard is dedicated to providing everyone with access to grow and thrive in the digital economy. With tools for seamless money transfers, convenient digital wages, and easy access to financial services, workers gain confidence when working abroad. The company remains committed to offering secure, user-friendly, and inclusive solutions that comply with local and global regulations.

Employers will also reap benefits from the platform’s features, including improved recruitment, onboarding, payroll management, and timely wage disbursements. This collaboration further demonstrates Mastercard and Monak’s joint commitment to driving positive financial outcomes and supporting economic growth in emerging markets.