MasterCard International has created a new operating unit to service over 200 member financial institutions across South Asia, Middle East and Africa (Samea).
The move marks MasterCard's expansion into the South Asia market, combining its existing operations in the Middle East and Africa. The South Asia market cluster consists of seven countries: Sri Lanka, Pakistan, Bangladesh, Nepal, Bhutan, Maldives and India.
The payments organisation's new regional headquarters is located in Dubai Internet City.
Alan Heuer, senior executive vice president of MasterCard's customer group, states: “There are enormous economic and cultural similarities between the countries that have made up our Middle East / Africa region and those in South Asia."
Sonny Sannon, regional president, MasterCard International for Middle East/Africa, says: “Samea accounts for one out of every three people on this planet making it a key region for MasterCard. The area has inherently been a cash-oriented society and through knowledge transfer, our goal at MasterCard is to help evolve modern payment systems in this exciting and diverse region.”