PETALING JAYA: Mastercard is strengthening Malaysia’s position as a digital economy leader by expanding financial inclusion through initiatives that empower small businesses, women entrepreneurs and underserved communities.
Mastercard Malaysia and Brunei country manager Beena Pothen said programmes such as “Strive Malaysia” and “Mastercard Pay Local” are enabling micro, small and medium enterprises to integrate into the digital economy, while advancements in digital banking and open data are improving access to financial services across the country.
“A key component of this strategy is the Strivers’ Hub, launched in partnership with The Asia Foundation to provide women-led businesses with digital upskilling, mentorship and financial access.
“Many women entrepreneurs in Malaysia face challenges such as limited access to capital and digital tools, with studies showing that only 60% use digital solutions in their operations. Since its launch, Strivers’ Hub has attracted nearly 6,000 active users, demonstrating strong demand for support in navigating the digital landscape,” she told SunBiz.
Beyond women entrepreneurs, Beena noted that Mastercard’s efforts also target small businesses, which are crucial to Malaysia’s economic growth.
“Many MSMEs struggle with financing due to a lack of formal credit histories or collateral. Digital banking and open data are helping bridge this gap by enabling lenders to assess creditworthiness using alternative data, such as transaction patterns and payment behaviour.
“Mastercard’s partnerships with financial institutions and fintech firms are making it easier for small businesses to secure funding and access tailored financial services,” she said.
Mastercard is also advancing cashless payment solutions, ensuring that businesses of all sizes can participate in the digital economy, Beena said.
Mastercard Pay Local allows consumers to link their cards to local digital wallets, such as Touch ’n Go in Malaysia and Dana in Indonesia, enabling seamless transactions across the region.
“This is particularly beneficial for small merchants, who can now accept digital payments from international tourists without needing additional infrastructure, expanding their revenue potential,” Beena said.
She said security remains a priority as Malaysia moves towards a fully digital economy, as Mastercard is investing in cybersecurity innovations such as artificial intelligence-driven fraud detection, tokenisation and behavioral analytics to safeguard digital transactions.
“These measures not only protect businesses and consumers from cyber threats but also help build trust in digital payments, accelerating their adoption across the country,” Beena said.
Additionally, she pointed out, Mastercard’s initiatives align with Malaysia’s broader economic vision, particularly in tourism and digital commerce.
“A recent partnership with Tourism Malaysia aims to enhance the country’s appeal as a digital-first travel destination through initiatives like the upcoming Travel Malaysia app, which will provide personalised travel content, cashless payment options, and exclusive offers for visitors.
“We are also digitising essential services with Mastercard Bill Pay, a platform that allows users to manage and pay bills digitally, reducing reliance on cash,” she said.
To further drive digital transformation, Beena said, Mastercard is supporting Malaysia’s digital banking sector.
“We played a critical role in the launch of GXBank, Malaysia’s first digital bank, by providing access to its global payments network and advanced financial infrastructure. This collaboration is expected to expand financial access to underserved communities, ensuring that more Malaysians benefit from digital banking services,” she added.
As Malaysia accelerates its transition into a cashless and digitally inclusive economy, she emphasised that Mastercard’s initiatives are playing a role in shaping the country’s financial landscape.
“By investing in financial inclusion, digital payments, and cybersecurity, Mastercard is not only supporting local businesses and entrepreneurs but also positioning Malaysia as a regional leader in digital commerce and innovation,” Beena said.
