March 24, 2023

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MasterCard focuses on Latin America and Southeast Asia after being banned in India and leaving Russia | Economy

Latin America and Southeast Asia have been strong growing regions since MasterCard’s exit from Russia in March, and the ban on issuing new cards in India by 2021, the company’s co-chairman for international markets said.

“Southeast Asia is exciting (because) governments’ focus on proper population, technology and digitalization and financial content,” Ling told Reuters Global Markets Forum, adding that countries in the region would also benefit from the distribution. The chains are moving away from China.

After determining that it was “non-compliant” with the rules enacted in the country in 2018, the Central Bank of India banned Mastercard, which requires foreign card networks to store Indian payment data locally for “supervised access”.

“Our sentiment is that we are approaching a resolution,” he said of the ban in High India, adding that the company was “working very creatively” with the Government of India and the Reserve Bank of India (RBI).

Hai said Mastercard is ready to comply with local data storage regulations. “The goal is to achieve them 100%. Anything that needs to be localized in India, we are taking concrete steps to get there.

MasterCard ceased operations in Russia – a market representing approximately 4% of its net income in 2021 – in March, due to the invasion of Ukraine.

In Russia, he said, MasterCard would “work with other stakeholders in the ecosystem, including the government, to change them” if there was an opportunity to improve rules and regulations in areas such as finance, stability and data privacy.

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He added that Europe was a wonderful market for the company because of the economic recovery after the crisis and the purpose of the innovations provided by the continent.