“This is a significant milestone for the open banking agenda and the regional payment landscape, and our strategic alliance with Mastercard fortifies our influence in the MENA [Middle East and North Africa] region, driving financial inclusion and ensuring a sustainable and inclusive digital economy for all,” Dapi Co-Founder Ihsan Al Hayek said in the release.
The A2A solution combines Dapi’s open banking capabilities and Mastercard’s payment options. The launch date of the new A2A payment solution has not yet been announced, the release said.
“Embedding Dapi’s advanced open banking solution within MPGS forms an integral part of our strategic blueprint to enrich and expand the payment methods available to our customers,” J.K. Khalil, cluster general manager, MENA East, at Mastercard, said in the release.
Dapi was one of five companies in the inaugural class of Mastercard’s Start Path Open Banking global program, an effort to help open banking startups scale, uncover opportunities to innovate and create new experiences for their customers.
It and other members of the 2022 Start Path Open Banking program demonstrated strong synergies with Mastercard’s tech-driven approach, Mastercard said when announcing the program in June 2022.
The partnership of Dapi and Mastercard follows some other collaborations recently announced by Mastercard.
In one, Mastercard and Fabrick announced Wednesday (May 31) that they have expanded their partnership to develop embedded finance solutions for European businesses, financial institutions and FinTechs.
In another, Mastercard and HealthLock teamed up May 22 to give Mastercard health savings account and flexible spending account users access to HealthLock’s platform, which lets them monitor all healthcare claims in one place, prevent fraud, potentially reduce bills and reverse rejected claims.