Netbank, the first Banking-as-a-Service platform to operate within the Philippines, is expected to join Mastercard‘s Fintech Express programme.
The admission will grant the regulated Filipino bank will access to Mastercard’s extensive range of digital-first products, whilst also enabling the issuing of debit and credit cards under its partners’ brands.
Mastercard’s Fintech Express was designed to simplify the way that Mastercard works with fintechs
around the world. Through the initiative, fintechs are offered access to a suite of digital products to differentiate their offerings, as well as flexible commercial agreements for fintechs’ early growth stages
to reduce barriers to entry.
Mastercard also provides global licensing support with in-market teams to facilitate the acceleration of fintechs’ growth and expansion. Mastercard Fintech Express is a key pillar under Mastercard Accelerate – a fintech platform designed to give start-ups and emerging players the support and assistance they need to transform, scale and connect.
Netbank is focused on accelerating the digitalisation of its services and the experience of its customers – including financial institutions, payment companies, neo-banks, domestic fintechs, and even non-bank businesses – offering an extensive range of white-labelled banking services to institutions that are migrating to digital.
Through its services, Netbank enables Filipino fintechs to scale, supporting and facilitating the interenational transition of fintechs and their products to the filipino economy, whilst also assisting more traditional lenders in the provision of digital financial services to their customers.
“We see massive opportunity for expansion of digital payments in the Philippines,” comments Gus Poston, the co-Founder of Netbank. “This partnership with Mastercard will enable us to provide a professional, safe and innovative range of payment solutions, which is what the market needs. We look forward to allowing a wide range of partners to issue cards in this exciting market.”
“Innovations will allow our partners to offer safe and reliable solutions to all their clients,” added Jaymar Mendoza, co-Founder of Netbank and Head of Operations. “Cards are just the start. In a country like the Philippines, a fintech needs to think about offering accounts, payments between accounts and loans to provide a complete solution. The partnership between Netbank and Mastercard will allow us to do this.”
“Mastercard welcomes Netbank as its newest partner in Fintech Express – particularly given that they
are the Philippines’ first Banking-as-a-Service platform. Netbank’s offering promises to give more Filipino businesses a head start in digitalization, which is particularly important now that the economy has become exponentially more reliant on digital commerce as a result of the pandemic. Mastercard is committed to enabling payments of all forms to ensure the creation of a digital ecosystem that works for everyone,” concluded Simon Calasanz, Country Manager, Philippines, Mastercard.
Through the partnership, Mastercard and Netbank will accelerate Bangko Sentral ng Pilipinas’ (BSP) goal
of bringing at least 70% of Filipino adults into the financial system by 2023 . Furthermore, the agreement aligns with BSP’s objective to enable more innovative and responsive digital financial services
in the country, especially as the global pandemic has made it an imperative to shift towards digital
payments.
