Key Highlights:
- Mastercard Incorporate (MA) has teamed up with Eureka AI to benefit the Asia specific customers using advanced tech.
- The tie up will benefit small and medium enterprises.
- Customers will be served with better services like credit score assessment and identifying loan default risks.
Partnership for Assistance
MasterCard Inc, a U.S based multinational financial service corporation has recently partnered with Eureka AI. The aim of this partnership is to benefit customers and small & medium enterprises with the use of innovative technology. Eureka AI is working with machine learning and artificial intelligence. It is applying such technologies to assist customers regarding loan risks and credit scores. Small and medium enterprises (SMEs) have suffered financial losses during pandemic. Thus, Eureka and MA will help SMEs in strengthening business by offering credit support.
The emphasis on structured decision-making is required for the betterment of future. MA and Eureka will mollify the credit lending procedure through the implementation of real-time structured decision-making. This improvisation will be helpful for lenders, as they will be able to predict risk before approving loan to customers. The credit facilities will also help the underbanked ones.
Exigency of Credit Facilities in Asia Pacific
Small and medium business enterprises cover the majority of Asian Pacific region. Providing credit facilities in such regions will prosper the business growth. The most awaited customers for credit facilities are woman entrepreneurs. This initiative will fulfill their demands and benefit the whole business industry. Whilst benefiting Asian-Pacific region, MA will also be able to broaden its image. Partnering with Eureka AI, which has its expertise in analyzing potential risks along with the customer needs, will be of great significance in the journey.
Digitizing Small Business
To implement digitization for small business, MA, HDFC bank, U.S. International Development Finance Corporation (DFC), and U.S. Agency for International Development (USAID) are working together. They have introduced credit facility of $100 million on October 2021. MA has been aiming to include 50 million micro and small businesses in the digital economy by 2025. American Express Company AXP,Visa Inc. VandGlobal Payments Inc.,GPNare offering a helping hand to small businesses as well.
American Express is being vigilant, while working on technological upgradations and secure digitization. AXP is offering cards, expense management solutions along with commercial financing solutions to small businesses as well. Visa, on the other hand, is providing technological assistance and payment-related solutions. GPN is allowing payments in all commercial channels, which is beneficial for the customers.
