Mastercard and UAE-based spend management fintech Qashio have joined forces to drive the transition toward cashless corporate management in the UAE.
The collaboration will introduce corporate credit cards equipped with virtual issuance capabilities, aligning with the UAE government’s digital economy vision.
This strategic partnership aims to streamline and modernise expense management for businesses, ensuring transparency and flexibility. As part of Mastercard‘s commitment to bolstering the fintech and SME landscape, this initiative contributes to the UAE’s transition to a digital-first economy.
The collaboration addresses a pressing need for efficient, automated corporate expense management. Traditionally, a significant portion of corporate spending has relied on personal cards, cash, and checks, resulting in cumbersome reconciliation processes and manual work.
By introducing digitised and modernised spend management solutions, Qashio’s virtual and physical cards, coupled with its software, empower businesses to efficiently manage their spending. This transformation not only saves valuable time for finance and HR departments but also enhances expense reporting, cash flow control, and visibility.
“Collaborating with Mastercard is a huge opportunity for the MENA fintech industry,” said Armin Moradi, CEO and co-founder of Qashio. “Mastercard has provided access to global learning opportunities and lends the stability and security of a multinational firm that is well-known and highly respected in the payments and fintech sectors.”
While, Gina Peterson-Skyrme, vice president and country business development lead for the UAE & Oman, Mastercard commented: “The UAE is on an accelerated path towards achieving a cashless economy. By playing an active role in the fintech and SME sectors, Mastercard enables businesses to achieve operational efficiencies through our innovative technology and solutions while supporting the country’s vision of a digital-first economy.
“Qashio’s robust end-to-end spend management platform offers exciting new opportunities for SMEs, and we are pleased to collaborate with them to bring convenient and rewarding commercial B2B payments to more businesses.”
According to Qashio, its virtual and physical cards, along with their software, empower businesses to automate and enhance spending management, resulting in significant time savings and reduced petty cash leakage.