Mastercard has unveiled the Mastercard Global Commerce Suite for Small Businesses, a comprehensive platform designed to streamline cross-border payments for small and medium-sized enterprises (SMEs) in Asia Pacific. The suite, powered by Mastercard Move, aims to address the complexities and limited visibility that hinder SME growth in global trade. Initially available to banks and financial institutions in Hong Kong SAR, the platform is set to expand to other select markets in the region.
The digital commercial payments sector in Asia Pacific is projected to grow by 14.7% annually until 2028, largely driven by the rapid digitisation of SMEs and their increasing involvement in international trade. Anouska Ladds, Executive Vice President of Commercial and New Payment Flows at Mastercard, stated, “SMEs want to move money across borders with the same speed and confidence as domestic transactions, but many banks remain constrained by legacy systems.”
The Mastercard Global Commerce Suite offers SMEs a single touchpoint to manage payments, collections, and expenses. Key features include global finance flexibility with virtual bank accounts in multiple currencies, seamless integration with leading marketplaces, near real-time payouts for cash flow clarity, and robust security measures to reduce fraud and costs.
As banks in Asia Pacific modernise their commercial payment systems, Mastercard supports this transition by simplifying payment flows and integrating fragmented systems. The Mastercard Move portfolio enables funds to move quickly and securely across more than 200 countries and territories, supporting over 150 currencies.
This initiative is expected to help banks better serve SMEs, fostering long-term relationships as these businesses continue to grow in the global market.
