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Financial services firm Mastercard has teamed up with cryptocurrency gateway provider Fasset to co-develop digital solutions in an effort to drive adoption in Indonesia. The partnership aims to expand financial inclusion and extend opportunities to the local economy in the Southeast Asian country.

Fasset Technologies, a Middle Eastern crypto exchange announced in April that it had successfully raised $22 million in a Series A funding and is now looking to expand its reach into Indonesia. In a recent survey published by The Jakarta Post, Indonesia is one of the leading countries in terms of crypto adoption, with 41 percent of its citizens owning cryptos. However, as of 2021, 92 million, or 66 percent, of its people remain unbanked, making it a sizable market for financial inclusion according to an article by Yahoo Finance.

By working with Mastercard, Fasset hopes that it can provide financial access and digital tools to help close the divide. The crypto firm said that it is not only increasing its product offerings but is also developing training and educational platforms to bring the underserved to the formal banking economy.

Photo courtesy of Håkan Dahlström.