Mastercard and Norwegian fintech company EedenBull have announced the launch of a cards and spend management platform designed specifically to help small and medium-sized enterprises (SMEs) to process their spending and payments more efficiently.
As an extension of the two firms’ existing partnership, Mastercard will refer EedenBull’s Q Business platform to its extensive network of customers issuing cards to SMEs in the region. The service will be available to issuers immediately, initially in Australia, New Zealand, Singapore, the Philippines and Malaysia before expanding region-wide.
The partnership represents the first time that a payments network in Asia Pacific is collaborating with a fintech to support a white-labelled Expense Management System (EMS) and Card Management System (CMS) solution for SMEs.
With new technologies changing the way businesses and consumers think about payments, SMEs often struggle to find solutions that will help them go digital and optimize their processes. A recent Mastercard report on SMEs surveyed 10,000 business owners in 24 countries, including five countries in Asia Pacific, and found that 69% of respondents said that a seamless and frictionless digital experience is critical to their business.
Q Business responds to this need by providing a one-stop AI-powered digital platform that gives SMEs full visibility of operational spend across the business. Q Business simplifies expense management and payment handling, and gives real-time insight into transaction patterns. This allows SMEs to effortlessly issue, manage and oversee cards for their employees via mobile and web, ensuring transparency and control over expenditure, and driving improved business operations.
For card issuers, the partnership provides them with a digital card management system designed specifically for SMEs, which will help them to add more value to their business banking relationships with their SME customers. In addition, EedenBull will handle all Q Business integration work for issuers, including setting up the branded solution, carrying out issuer sales training and managing support for their SME customers.
Sandeep Malhotra, executive vice president, products & innovation, Asia Pacific, Mastercard, said: “SMEs in Asia Pacific want to run their businesses with the same degree of simplicity and always-on digital convenience that they enjoy in their personal lives and look to their banking partners to provide them with seamless digital solutions in areas such as business finance and cash-flow management. EedenBull’s Q Business platform can answer this call. Combining Mastercard’s experience, commercial solutions, and wide network of customers and partners with EedenBull’s unrivalled expertise in this space will help banks to stay ahead of the curve and deliver added value to their SME customers.”
Nicki Bisgaard, CEO, EedenBull, said: “We are partnering to bring Q Business, our unique AI-powered card and spend management platform, to Mastercard issuers in key Asia Pacific markets. This innovative solution, available through mobile apps and web interfaces, empowers SMEs to efficiently manage payments across their organizations. SMEs are essential to global economies but often lack access to cutting-edge payment technology. Q Business provides business owners with enhanced visibility and control over financial processes, ultimately increasing card issuance among employees. We look forward to the continued expansion of this partnership to additional regions, further benefiting SMEs worldwide. Together with Mastercard, we are reshaping the payment landscape for small and medium-sized enterprises.”
The extension of the collaboration with EedenBull aligns with Mastercard’s strategy of working with fintech firms to drive innovation and create opportunities for its partners. These partnerships are already helping financial institutions to deliver new products and services that meet the evolving demands of their customers, connecting them seamlessly to the digital solutions they require.