Mastercard picked Moneythor, a Singaporean financial technology company, for its startup engagement initiative. FinTech News Singapore said that the company will join 9 other early-stage fintech firms. Moneythor will be the only Southeast Asian firm out of the 10 members.
Mastercard’s Start Path program aims to aid fintech companies in penetrating new markets. The Mastercard Labs project also seeks to increase the reach of participating firms and to help them gain new opportunities for development.
Launched in 2014, the startup initiative has been enabled early-stage companies to expand their networks by connecting them with global organizations. It also introduces participating companies to teams that specialize with Mastercard and its services, as well as the payments sector.
The Mastercard Start Path has helped around 200 startup fintech players. These participants have raised funding amounting to almost $1.4 billion in total.
Singapore-based company Moneythor offers services that allow financial institutions such as banks, card issuers, and digital banks to provide reports and recommendations to clients. These personalized recommendations and suggestions are based on real-time data, artificial intelligence, and studies on consumer behaviour.
Some of its clients include ANZ, CIMB, DBS and Standard Chartered. These are leading financial institutions in Singapore.
As it receives help from Mastercard, the company aims to “expand its footprints in its existing markets.” It also plans to develop its data-driven banking services, which is powered by intelligent processes.
Moneythor CEO and co-founder Olivier Berthier remarked that the fintech firm takes pride in being chosen as one of the startups for Mastercard’s initiative. Mastercard Vice President Amy Neale said that the payments company has assessed the performance of around 10,000 startup firms around the world.
According to Neale, previously participating companies are now becoming fintech unicorns. They have also been “entering public markets and co-creating with world-renowned financial services.”