Mastercard Forges Three Partnerships in the UAE With LikeCard, CredibleX and Al Etihad Payments

Payments giant Mastercard has been busy forging three new partnerships in the UAE, with Al Etihad Payments, the payments infrastructure provider and subsidiary of the Central Bank of the UAE; LikeCard, an e-commerce prepaid card platform; and credit-as-a-service platform CredibleX.

Through three separate partnerships, Mastercard appears to be enhancing its focus on the UAE and surrounding Middle East region, with plans to simplify access to finance, enhance payment processes and bolster financial literacy.

Family banking with LikeCard

By teaming up with LikeCard, one of the leading platforms of e-commerce prepaid cards in the Middle East and North Africa (MENA) region, Mastercard will support the launch of a new family banking solution designed to enhance financial literacy and responsible spending.

“At Mastercard, we believe financial literacy is the foundation of economic empowerment,” explained Muhammad Nana, SVP of digital partnerships and enablers at Mastercard EEMEA. “By partnering with LikeCard, we are equipping families across MENA with the knowledge and tools to build responsible financial futures. This solution reimagines banking for the digital age, fostering smarter spending and saving habits for the ‘digital natives’ generation.”

By integrating AI-powered financial tools into a simple smartphone app, the solution makes it easier for families to track expenses, set spending limits, and teach children essential money management skills.

It says the platform will look to empower parents and children with a secure digital banking experience, helping families make smarter financial decisions together.

Ammar Alsoos, CEO of LikeCard, also added: “Our collaboration with Mastercard brings an AI-driven family banking experience to the region, empowering families with financial literacy tools while enhancing security and convenience.”

Empowering SMEs with CredibleX

Mastercard will also integrate its Small Business Credit Analytics into CredibleX’s embedded financing journey, providing CredibleX with enhanced data-driven insights based on anonymised and aggregated transaction data.

Through the partnership, the two organisations plan to help empower small and medium enterprises (SMEs) by enhancing and simplifying their access to financing.

“This partnership is a testament to our shared vision of enabling financial inclusion and innovation,” said Hassan Reda, co-founder and chief product officer at CredibleX. “By combining CredibleX’s expertise in lending with Mastercard’s advanced analytics, we are setting a new benchmark for data-driven SME financing in the region.”

Mastercard’s Small Business Credit Analytics provides lenders with data-driven insights, with the consent of the business, to help assess the financial performance and retail sales of small businesses. This collaboration with CredibleX helps the credit-as-a-service platform make more informed lending decisions, reduce underwriting time, and enhance risk management.

Selin Bahadirli, EVP of services at Mastercard EEMEA, commented: “Small Business Credit Analytics is a game-changer, offering unparalleled insights into small business performance. Together, we aim to empower SMEs with better credit access, improved loan terms, and enhanced opportunities for growth.”

Launching co-branded cards with Al Etihad Payments

Finally, Mastercard has also forged a new partnership with Al Etihad Payments, which operates the UAE’s national card switch and manages the domestic card scheme dubbed ‘Jaywan’.

This collaboration sees the launch of new ‘Jaywan – Mastercard’ co-badged debit and prepaid cards in the UAE. It will enable cardholders to carry out secure, simpler, smarter and more accessible payment transactions, including e-commerce transactions, setting a new benchmark in the UAE’s payment landscape by combining innovative products and value-added services.

“Our commitment to the UAE is embedded in our strategic engagements at federal and local levels,” said J.K. Khalil, division president, East Arabia, at Mastercard.”We are proud to collaborate with Al Etihad Payments to facilitate access to financial services and empower more people to reap the benefits of the digital economy.”

Al Etihad Payments and Mastercard will work closely together in cooperation with all market players to deliver flexible solutions that meet the evolving needs of the UAE’s advanced payment ecosystem and boost user experience.

Saif Humaid Aldhaheri, assistant governor, banking operations and support services, at Central Bank of UAE and chairman of Al Etihad Payments, said: “By leveraging advanced technology through such partnership, we aim to offer our citizens and residents more convenience, security, and access to a global network of financial services. This collaboration not only enhances the payment experience but also supports the UAE’s broader economic growth and digital transformation goals.”

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