Mastercard, a New York-based financial services organization, has recently announced that it joined forces with Indonesian crypto gateway Fasset to drive crypto adoption in the biggest country in Southeast Asia.

According to the official announcement issued on July 14th, Fasset and its expertise in the technological sphere will contribute to digitalizing banking services for the locals.

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As part of the deal, Mastercard will support the ETH-based global digital asset gateway Fasset by boosting its financial inclusion in Indonesia and driving local adoption of new tech. Meanwhile, Fasset, which recently raised $22M in a Series A funding round, will tap the partnership to help Indonesians with digital banking services.

Navin Jain, country manager of Mastercard Indonesia, noted that the banking giant is delighted to have the opportunity to work with such key players in the public and private sector as Fasset. He believes that through such partnerships, companies will be able to eventually provide much broader access to digital technologies for a significant number of people.

According to a recent survey in which over 30k respondents from 20 nations took part, 41% of Indonesians own some type of cryptocurrency. This shows that Indonesia is one of the few places where mass crypto adoption would bring a substantial influence on the whole crypto industry. 

Hendra Suryakusuma, an executive at Fasset, also believes that the partnership between the two companies will allow Fasset to bring more people into digital financial services. Suryakusuma added:

“Our partnership seeks to lower the barriers to digital finance and drive greater opportunities to benefit from the use of emerging financial services.”

In fact, this isn’t the first Mastercard’s foray into the crypto world, as in January, the financial service provider sealed a partnership deal with the crypto exchange Coinbase to help customers acquire non-fungible tokens (NFTs) with fiat currency.

Likewise, back in June, Mastercard also collaborated with a number of NFT-based startups to allow its customers to make a direct purchase of desired NFTs with their cards. From now on, cardholders won’t have to buy crypto if they wish to make an NFT acquisition.

by Gyth L. – Crypto Analyst, BitDegree