A comprehensive partnership with Mastercard has allowed Sokin, the payments-focused fintech, to begin its expansion into Latin America, as it provides its fixed-price payment services across Mexico and Brazil.
Mastercard will be supporting Sokin under its Fintech Express program, enabling Sokin to further expand its global footprint and launch its next-generation card programmes for both consumers and businesses throughout the Latin American region.
As the first global payments platform to provide a fixed-fee payment service for cost-effective currency exchange with no hidden charges, Sokin will leverage Mastercard’s trusted and secure digital-first banking solutions and card services to expand its footprint and launch its next-generation card programs for businesses and consumers.
Vroon Modgill – CEO, Sokin, said: “The barriers to accessing the global payments ecosystem have resulted in many millions being unable to easily, and instantly, make essential payments and transfers.”
“We’ve launched this progressive partnership with Mastercard to boost financial inclusion, helping our customers to access a wider range of financial service products across different markets. Together, we are simplifying and democratising the process, and will be able to provide digital payment solutions to people in Mexico and Brazil.”
“As the partner of choice for Fintech around the Globe, we are proud to support Sokin’s expansion in Latin America and the Caribbean to bring its innovative approach for Global payment solutions in a digital-first, transparent and safe way. Innovation and Inclusion have always been the drivers of how we frame our partnerships, and it is not different in this case.”, said Thiago Dias, VP of Fintech Strategy and Labs for Latin America and the Caribbean.
Ahead of launching its services later this year, Sokin has already put in place similar agreements with Mastercard in Europe and Asia, including the November 2020 announcement that Sokin will become a Mastercard principal member and card issuer for Singapore. The Sokin Card will be available in 80 countries, with the Sokin Wallet available in 200 countries and territories.