Mastercard has reaffirmed its commitment to the UAE and the wider region by expanding its regional footprint and announcing a series of leadership changes designed to further advance the company’s presence and operations and build on its 35-year growth and innovation journey.
During this time, Mastercard has been at the forefront of digital transformation and payment technology innovation. From its regional headquarters, the company has introduced hundreds of product capabilities through its multi-rail network, including a number of global-firsts that have been exported to Mastercard’s global network.
From January 1, 2022, Mastercard’s EEMEA (Eastern Europe, Middle East and Africa) region will include 81 of the 210 markets where Mastercard operates globally. In line with Mastercard’s ambition to enhance local presence in the markets it operates in, the company now has presence in 22 countries across the region, with established geo hubs in the UAE, Saudi Arabia, South Africa, Turkey, Ukraine, Kenya and other markets.
Raghu Malhotra, currently President for the Middle East and Africa, will take on a new role, leading Mastercard’s International Markets as Co-President.
For the last six years, Malhotra drove the company’s global strategy across the Middle East and Africa, delivering many global-firsts that empower millions of people and businesses through interoperable mobile ecosystems and advance the region’s digital ambitions.
Such initiatives have seen the development of multiple country-wide payment ecosystems including in the UAE, Saudi Arabia and Egypt, the establishment of Mastercard Labs to drive innovative solutions for financial inclusion, and the launch of unique micro lending programs alongside cutting edge QR technology and security solutions. These efforts, fuelled by strategic public and private sector partnerships, have played a key role in achieving the region’s digital ambitions.
Dimitrios Dosis will serve as President of the newly realigned Eastern Europe, Middle East and Africa (EEMEA) region. This expanded region brings together 12 additional markets with agile, high-potential growth opportunities. In his new role Dosis will continue to serve on the Mastercard Global Management Committee.
A focal point for innovation
Malhotra said, “Over the recent years, Eastern Europe, the Middle East and Africa (EEMEA) has emerged as a focal point for Mastercard’s global innovation, digital transformation and financial inclusion efforts. Today, this region serves as a global centre of excellence, and a launch pad for deploying strategic partnerships and new business models across our global network.
“Over the years, it has shown how progress can be achieved when multiple partners come together to contribute expertise, share experiences, and tap into technology to bring positive change. As an example, the UAE has committed to doubling the size of its digital economy in the next 10 years, fuelled by advances in AI, blockchain, 5G, and a range of other digital technologies.
“Mastercard has been supporting the Middle East and Africa region on this journey for the past 35 years through smart technology innovation, strategic public and private sector partnerships, and smart city initiatives. During recent years, we have continued to build close partnerships with public and private sector organisations, working towards the shared goal of creating an inclusive digital economy. Here in the UAE, some of the landmark initiatives have included the launch of Klip, the digital cash platform of Emirates Digital Wallet, our ongoing partnership with Expo 2020 Dubai and Dubai’s smart cities initiatives.”
A strong position for future
Looking ahead, Dosis says that the success of Mastercard – and the whole region – is fuelled by convergence of technology, strategic partnerships and young populations of tomorrow.
“The EEMEA region is already a global example of creativity, innovation and delivery of new technologies, and a launch pad for enabling like-minded global organisations to realise their business, corporate responsibility and sustainability goals,” said Dosis.
“Looking ahead, the convergence of digital technologies and the positive impact of public and private partnerships on the development of the digital economy, mean that Mastercard is in a very strong position to further elevate this progress.”
Dosis says that Mastercard is focused on meeting – as well as shaping – the evolving expectations of today’s and tomorrow’s consumer.
“The future is young, and that is particularly true for this region. In the UAE, more than one third of the whole population is under the age of 25, and the median age across the wider Middle East and North Africa (MENA) region is 26.8 years old.
“This clearly shows the importance of listening and activating the contributions of youth in creating a more prosperous society.
“From a business perspective, we know that today’s young consumer takes the convenience, which comes with technology, for granted. Our technology must offer ease-of-use, speed, and seamless experience, all available from a smart and/or wearable device – these are the prevailing market trends of tomorrow. This concerns shopping, payments, finance, and all other kinds of services.
“Beyond cards and point-of-sale terminals, new payment technologies such as Tap on Phone or mobile wallets, such as Masterpass, help deliver the seamless convenience of digital payments that meet the expectation of today’s younger consumers.”
