Mastercard and Norwegian fintech EedenBull have launched a cards and spend management platform designed specifically to help SMEs to process their spending and payments more efficiently. The collaboration represents a first of its kind offering for the APAC region.

Specifically, this is the first time that a payments network in Asia Pacific is collaborating with a fintech to support a white-labelled Expense Management System (EMS) and Card Management System (CMS) solution for SMEs.

Collaboration extends existing Mastercard, EedenBull partnership

The tie-up represents an extension of the two firms’ existing partnership. Mastercard will refer EedenBull’s Q Business platform to its extensive network of customers issuing cards to SMEs in the region. The service will be available to issuers immediately, initially in Australia, New Zealand, Singapore, the Philippines and Malaysia. It will then expand region-wide.

SMEs often struggle to find solutions that will help them go digital and optimise their processes. A recent Mastercard report on SMEs surveyed 10,000 business owners in 24 countries, including five countries in Asia Pacific. It found that 69% of respondents said that a seamless and frictionless digital experience is critical to their business.

Q Business provides a one-stop AI-powered digital platform that gives SMEs full visibility of operational spend across the business. Q Business simplifies expense management and payment handling, and gives real-time insight into transaction patterns. This allows SMEs to issue, manage and oversee cards for their employees via mobile and web, ensuring transparency and control over expenditure, and driving improved business operations.

For card issuers, the partnership provides them with a digital card management system. Designed specifically for SMEs, this will help them to add more value to their business banking relationships with their SME customers. In addition, EedenBull will handle all Q Business integration work for issuers. This includes setting up the branded solution, carrying out issuer sales training and managing support for their SME customers.

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Q business: unique AI-powered card and spend management platform

Sandeep Malhotra, executive vice president, products & innovation, Asia Pacific, Mastercard, said: “SMEs in Asia Pacific want to run their businesses with the same degree of simplicity and always-on digital convenience that they enjoy in their personal lives and look to their banking partners to provide them with seamless digital solutions in areas such as business finance and cash-flow management. EedenBull’s Q Business platform can answer this call.”

Nicki Bisgaard, CEO, EedenBull, added: “We are partnering to bring Q Business, our unique AI-powered card and spend management platform, to Mastercard issuers in key Asia Pacific markets. This innovative solution is available through mobile apps and web interfaces. It empowers SMEs to efficiently manage payments across their organisations. SMEs are essential to global economies but often lack access to cutting-edge payment technology. Q Business provides business owners with enhanced visibility and control over financial processes. This ultimately increases card issuance among employees.”