Sokin, Mastercard Expand Digital Banking Partnership Across MENA

United Kingdom-based global currency account provider Sokin announced an expanded partnership with Mastercard to offer consumers in almost 40 new markets across the Middle East and Africa more transparency through fixed-price payment services.

As part of the partnership, 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,” according to a press release Monday (May 23).

Mastercard will use the multi-year agreement with Sokin to provide solutions to more than 35 million migrant workers in the Middle East and Africa, as well as who regularly send and receive money. The partnership will also aim to give the region’s 578 million people an alternative to conventional banking services.

“The obstacles to accessing opportunities in the global payments ecosystem have resulted in the exclusion of millions of people that are unable to easily, and instantly, make essential payments and transfers,” said Kaushik Sthankiya, chief commercial officer at Sokin.

“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, and we’re excited to provide digital payment solutions to people in the Middle East and Africa,” he said.

Sokin will offer consumers in 39 countries unlimited international money transfers and payments with no markup on transactions or hidden fees. The collaboration is an extension of existing agreements previously announced in the U.K., Europe, South Asia, Singapore, Latin America, Mexico and Brazil.

Related: Sokin Launching eCommerce Metaverse World

In February, Sokin announced plans for an eCommerce world in the metaverse, allowing brands and businesses to grow from its brick-and-mortar locations into the virtual world.

Sokin’s metaverse world, which will process full eCommerce transactions, will host a 3D community of brands and retailers — including sporting goods, fashion and more — and allow consumers to meet, communicate, transact, invest and purchase through a mobile app.

In August, Sokin launched its Global Currency Account, which gives consumers 51% cheaper global money transfers and currency exchange in 38 currencies to more than 200 countries and territories for one fixed monthly fee.