Mastercard collaborates with Qashio to promote cashless society in UAE’s corporate sector

Dubai, UAE, 21 August 2023: Mastercard, a global technology company, is partnering with UAE-founded spend management fintech company Qashio to launch corporate credit cards, while enabling them with virtual issuance capabilities across the region. The strategic partnership aims to make the future of expense management cashless, transparent and flexible for corporates.

In line with the UAE government’s vision to grow a robust digital economy, Mastercard and Qashio are expanding access to commercial B2B solutions that can help SMEs digitize and transform their operations with a digital-first mindset and approach. The announcement builds on Mastercard’s ever-expanding capabilities in the B2B commercial space, while Qashio continues to grow its reach and network of corporates.

Businesses can count on convenient, cashless, and automated expense management that also simplifies digitization and enables seamless modernization of corporate spend management.

Armin Moradi, CEO and Co-founder of Qashio said: “Collaborating with Mastercard is a huge opportunity for the MENA fintech industry. Mastercard has provided access to global learning opportunities and lends the stability and security of a multinational firm that is well-known and highly respected in the payments and fintech sectors.”

Gina Peterson-Skyrme, Vice President and Country Business Development Lead for the UAE & Oman, Mastercard commented: “The UAE is on an accelerated path towards achieving a cashless economy. By playing an active role in the fintech and SME sectors, Mastercard enables businesses to achieve operational efficiencies through our innovative technology and solutions while supporting the country’s vision of a digital-first economy. Qashio’s robust end-to-end spend management platform offers exciting new opportunities for SMEs, and we are pleased to collaborate with them to bring convenient and rewarding commercial B2B payments to more businesses.” 

A significant portion of corporate spending is often done using personal cards, petty cash, and checks. This highlights the importance of digitizing and modernizing corporate spend management, which in turn, reduces the reconciliation and manual work by accountants, resulting in significant time savings.

Qashio’s virtual and physical cards and software allow businesses to manage their spending more automated and transparently, saving hundreds of man-hours and reducing petty cash leakage in the process. Finance and HR departments benefit from better expense reporting, better visibility, control of cash flows and an empowered workforce.