The Oman-based fintech firm Monak has announced a strategic partnership with the global payments leader Mastercard to introduce a digital financial services platform. The new initiative is aimed at improving cross-border money transfers for migrant workers and streamlining wage disbursement for employers across the Middle East.
A Strategic Move to Serve a Vital Community
This partnership responds to the long-standing challenges faced by migrant workers, a group that has traditionally been underserved by formal financial systems. By offering tools for easier money transfers and expense management, the collaboration aims to narrow access gaps and promote greater economic stability. According to the United Nations, GCC countries host over 30 million migrant workers, highlighting the importance of companies like Monak that focus on the specific financial needs of this demographic.
A Platform for Financial Inclusion and Efficiency
The new platform will enable timely wage payments and allow workers to remit funds to their families securely and efficiently. For employers, the platform offers integrated recruitment, onboarding, and payroll functions, contributing to better worker satisfaction and improved operational processes. Monak will also provide migrant workers with the necessary skills and knowledge to manage digital financial tools effectively.
Leadership on a Landmark Collaboration
Said Salim Al Shanfari, co-founder and managing director at Monak, commented on the deal, stating, “We are delighted to team up with Mastercard to offer a seamless and user-friendly financial services experience to our valued partners across the Middle East, Asia and Africa. This collaboration marks a significant milestone in our expansion strategy, particularly within the burgeoning Middle East market.”
Muhammad Nana, Senior Vice President at Mastercard, added, “Through our partnership with Monak, we are advancing our efforts to empower migrant workers and ensure they can fully participate in the digital economy beyond their own borders.”
About the Partners
Monak is an Omani-based financial technology company focused on providing innovative and inclusive digital financial services, with a particular focus on serving the needs of migrant workers in the Middle East.
Mastercard is a global technology company in the payments industry. Its mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible.
Looking Ahead
This partnership between a homegrown Omani fintech and a global payments giant is set to have a significant impact on the financial landscape of the region. It reinforces Oman’s growing role in the fintech sector and provides a powerful model for how technology can be used to enhance financial inclusion for millions of people.
Source: FinTech News Middle East
