Mastercard has unveiled a new cloud-based connectivity solution, Cloud Edge, which allows banks and fintechs in the Asia Pacific region to onboard to its network up to four times faster. Developed in collaboration with cloud providers such as Amazon Web Services (AWS), this innovation aims to enhance agility and efficiency in launching new payment solutions amidst growing digital demand.
Cloud Edge provides seamless, private connectivity to Mastercard, enabling financial institutions to avoid reliance on a single IT infrastructure. This flexibility is crucial as fintechs are projected to grow three times faster than the traditional banking industry by 2028, driven by emerging markets in Asia Pacific. The region’s fintech market is expected to reach nearly $311 billion by 2029, largely due to the integration of cloud computing.
Sandeep Malhotra, executive vice president of Core Payments at Mastercard, highlighted the benefits of Cloud Edge, stating, “Cloud Edge reinforces Mastercard’s commitment to resiliency, redundancy and security whilst offering customers cost efficiency as well as greater choice, speed and flexibility.”
The solution also reduces capital expenditure by eliminating the need for physical data centres and provides direct access to modern payment technologies. Episode Six, a global provider of enterprise-grade ledger and cards infrastructure, is already leveraging Cloud Edge to assist banks and fintechs in the region.
Scott Mullins, Managing Director of Financial Services at AWS, noted that the AWS Regions across Asia Pacific offer Mastercard extensive connectivity and secure cloud services, ensuring compliance with regional data residency regulations.
Mastercard Cloud Edge is now available in several Asia Pacific markets, including India, Australia, Singapore, and Hong Kong SAR, as well as in the US, Canada, and other regions worldwide.
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