Southeast Asia and Latin America are high growth regions for Mastercard following its withdrawal from Russia in March and India’s ban on issuing new cards in 2021, the co-chairman of Mastercard said. the company for international markets.
“Southeast Asia is exciting (due to) good demographics, adoption of technology and digitalization, and government focus on financial inclusion,” Ling said. Hai at the Reuters Global Markets Forum, adding that countries in the region would also benefit as supply chains. get away from China.
India’s central bank has banned Mastercard after declaring it “non-compliant” with the country’s 2018 rules that required foreign card networks to store Indian payment data locally for “unfettered surveillance access”.
“Our feeling is that we are really getting closer to a resolution,” Hai said of India’s ban, adding that the company was working “very constructively” with the Indian government and the Reserve Bank of India. (RBI).
Hai said Mastercard is ready to comply with local data storage rules in India. “The goal is to be 100% compliant. Whatever we need to localize in India, we take concrete steps to achieve that.”
Mastercard suspended operations in Russia — a market that accounted for about 4% of its net revenue in 2021 — in March following its invasion of Ukraine.
In Russia, should an opportunity arise to improve rules and regulations in areas such as financial inclusion, sustainability and data privacy, Mastercard “will work to change them with other stakeholders in the ecosystem, including the government itself,” Hai said.
Hai also said Europe was an exciting market for the company because of its post-Covid economic recovery and the scope for innovation the continent offers.
In addition to geography, the payment network company also focuses on high-growth areas of the business, such as business-to-business payment flows, telecommunications and retail.