Markaaz, which connects small- to medium-sized businesses (SMBs) with suppliers, is working with Mastercard to bring the credit card company’s products and services, particularly for payments and security, to SMBs, according to a press release.
SMBs will be able to save “critical time and money in identifying and working with their partners” by working with the companies’ products, the release stated. They can quickly verify themselves for loans, insurance and more.
Mastercard’s suite includes the Mastercard Track Business Payments plan, which assesses cyber risks and vulnerabilities, and Fincity’s tech to offer financial data and insights, according to the release.
When SMBs integrate with Markaaz’s dashboard, they can access “a pre-verified community of businesses, educational resources, digital tools and best-in-class payment capabilities,” the release stated.
“This partnership with Mastercard is a very significant one for Markaaz,” said Markaaz Founder and CEO Hany Fam in the release. “We are thrilled that Mastercard is able to bring its capabilities, know-how and team to bear to develop unique assets and resources for this partnership.”
Mastercard North America Small Business Lead Ginger Siegel said in the release that the company is “committed to supporting the needs of small businesses” as digitization continues to be a trend. She said the company wants to “bring the power of Mastercard’s open banking, cyber risk and ID-verification tools to Markaaz to create a richer value proposition for small businesses.”
The release noted that there’s a need for more flexibility and simplicity in SMB payments. Markaaz, with its numerous partners, is trying to cover many needs, including cash flow, customer and supplier management, accounting and cybersecurity.
Mastercard is also continuing work with Dubai Asset Management to help keep payments current in the United Arab Emirates.
The partnership will assist residential communities with better tech, offering more sustainable cities and adding access to “smart, secure and innovative” new services.