MasterCard Europe has approved SafeCharge, a provider of payments technology solutions, to issue pre-paid MasterCard products.

In addition, the company has appointed Ali Farid Khwaja CFA as executive vice president of SafeCharge’s new card issuing division, effective February 2015.

Khwaja, a former financial technology analyst at Berenberg, was previously responsible a technology analyst at UBS.

David Avgi, CEO of SafeCharge, said: "The extension of our MasterCard Principal Membership is another achievement for SafeCharge. The approval enables us to issue our own and co-branded pre-paid cards and is a significant step in building a new pillar to our business.

"We are excited to be continuing to expand our product offering, entering into a new and large market sector and to welcome Ali to drive its growth."