Sokin, the new generation fintech payment firm, has signed a partnership agreement with Mastercard in South Asia to provide its fixed-price payment services in India, Sri Lanka, Bangladesh, Nepal, and the Maldives.
Sokin is the only global payments provider that will provide fixed-fee subscription-based payment service for fast and cost-effective currency exchange with no hidden charges, said a press release on Monday.
Mastercard's global network and extensive reach in South Asia will allow millions of people to access Sokin's instant payment network using Mastercard's trusted and secure digital banking solutions and card services.
The collaboration in South Asia follows announcements in November that Sokin will be a Mastercard principal member and card issuer for Singapore. And the two companies have forged a partnership in Europe and the United Kingdom.
"We see South Asia as a key market for Sokin, which is why we continue to build on our strong partnership with Mastercard to deliver our unique services to this region. We know that we have the products and the ambition to become the leading independent provider for South Asia, delivering the services and support people really want," said Vroon Modgill, CEO of Sokin.
Starting in June 2021, Sokin will offer consumers unlimited international money transfers and payments with no mark-up on transactions or hidden fees. Its proprietary technology makes the process easy – from the onboarding of customers to instant payments – all in its secure peer-to-peer mobile app.
"Mastercard is delighted to support Sokin as it scales operations in South Asia, which is the largest inward remittance corridor globally," said Vikas Varma, chief operating officer of Mastercard in South Asia.
"Mastercard supports innovation and drives technological advances across the entire ecosystem. The combination of Mastercard's trusted and secure solutions and Sokin's innovative payment services will expand choice and convenience for consumers across South Asia." the official added.