Mastercard realigns its international operations, strengthening its presence in MEA and Eastern Europe

Raghu Malhotra, Co-President of International Markets, Mastercard
Image Credit: Provided

MasterCard reaffirmed its commitment to the UAE and the wider region by expanding its regional footprint and announcing a series of leadership changes designed to further advance the company’s presence and operations and build on its journey of growth and innovation for 35 years.

Meanwhile, Mastercard has been at the forefront of digital transformation and innovation in payment technology. From its regional headquarters, the company has introduced hundreds of product capabilities through its multirail network, including a number of world firsts that have been exported to Mastercard’s global network.

As of January 1, 2022, Mastercard’s EEMEA (Eastern Europe, Middle East & Africa) region will include 81 of the 210 markets Mastercard operates in globally. In line with Mastercard’s ambition to improve its local presence in the markets in which it operates, the company is now present in 22 countries in the region, with geographic centers established in the United Arab Emirates, Saudi Arabia, South Africa. South, Turkey, Ukraine, Kenya and other markets. .

Raghu Malhotra, currently President for Middle East & Africa, will take on a new role and lead Mastercard’s international markets as co-chair.

Over the past six years, Malhotra has led the company’s global strategy in the Middle East and Africa, delivering numerous world firsts that empower millions of people and businesses through interoperable mobile ecosystems and advance businesses. digital ambitions of the region.

Such initiatives have seen the development of several payment ecosystems across the country, notably in the United Arab Emirates, Saudi Arabia and Egypt, the creation of Mastercard Labs to drive innovative solutions for financial inclusion and the launch of unique microcredit programs alongside cutting-edge QR technology and security solution. These efforts, fueled by strategic partnerships between the public and private sectors, have played a key role in realizing the region’s digital ambitions.

Dimitrios Dosis will serve as President of the new realigned Eastern Europe, Middle East and Africa (EEMEA) region. This enlarged region brings together 12 additional markets with agile and high-potential growth opportunities. In his new role, Dosis will continue to serve on Mastercard’s global management committee.

Dimitrios Dosis, President Eastern Europe, Middle East and Africa, Mastercard

Dimitrios Dosis, President Eastern Europe, Middle East and Africa, Mastercard
Image Credit: Provided

An innovation hub

Malhotra said: “In recent years, Eastern Europe, the Middle East and Africa (EEMEA) has become a focal point for global efforts for innovation, digital transformation and inclusion. Mastercard Financial. Today, this region serves as a global center of excellence and a launching pad for the deployment of strategic partnerships and new business models across our global network.

“Over the years, he has shown how progress can be made when multiple partners come together to bring expertise, share experiences and harness technology to effect positive change. As an example, the UAE has pledged to double the size of its digital economy over the next 10 years, fueled by advancements in AI, blockchain, 5G and a range of digital technologies. ‘other digital technologies.

“Mastercard has supported the Middle East and Africa region on this journey for 35 years through smart technological innovation, strategic partnerships between the public and private sectors and smart city initiatives. Over the past few years, we have continued to forge close partnerships with public and private sector organizations, working towards the common goal of creating an inclusive digital economy. Here in the United Arab Emirates, some of the landmark initiatives have included the launch of Klip, Emirates Digital Wallet’s digital money platform, our ongoing partnership with Expo 2020 Dubai, and the Dubai Smart Cities initiatives. .

A strong position for the future

Looking ahead, Dosis says the success of Mastercard – and the entire region – is fueled by the convergence of technology, strategic partnerships and the young populations of tomorrow.

“The EEMEA region is already a global example of creativity, innovation and the delivery of new technologies, and a launching pad for like-minded global organizations to achieve their business, corporate responsibility and development goals. sustainable, ”said Dosis.

“For the future, the convergence of digital technologies and the positive impact of public and private partnerships on the development of the digital economy mean that Mastercard is in a very good position to further accelerate this progress. “

Dosis says Mastercard is focused on meeting – as well as shaping – the changing expectations of consumers today and tomorrow.

“The future is young, and this is particularly true for this region. In the United Arab Emirates, more than a third of the total population is under 25 and the median age in the Middle East and North Africa (MENA) region is 26.8 years.

“This clearly shows the importance of listening to and activating the contributions of young people to create a more prosperous society.

“From a business perspective, we know that today’s young consumer takes the convenience that comes with technology for granted. Our technology must deliver ease of use, speed and a seamless experience, all available from a smart and / or portable device – these are the dominant market trends of tomorrow. It concerns purchases, payments, finances and all other types of services.

“Beyond cards and point-of-sale terminals, new payment technologies such as Tap on Phone or mobile wallets, such as Masterpass, help deliver the seamless convenience of digital payments that meet the expectations of young consumers. ‘today.

This content is sourced from Reach by Gulf News, which is GN Media’s branded content team.

Mary I. Bruner