UK-based payments fintech Sokin has forged a partnership with Mastercard to expand its fixed-price payments service in South Asia.

Sokin will offer its fixed-price subscription-based payment services in India, Sri Lanka, Bangladesh, Nepal and the Maldives.

The global payments provider will enable “fast and cost-effective” currency exchange with no hidden charges, by offering this service.

Sokin will leverage Mastercard’s digital banking solutions and card services to provide instant payment services to millions of consumers in the region.

The alliance comes two months after Sokin became a principal member and card issuer of Mastercard in Singapore.

It comes after Sokin tapped Mastercard to launch its subscription-based payment service in Europe and the UK.

Mastercard South Asia COO Vikas Varma said: “Mastercard is delighted to support Sokin as it scales operations in South Asia, which is the largest inward remittance corridor globally.

“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.”

Sokin will offer international money transfers and payments with no mark-up on transactions, starting from June this year.

The launch of its subscription-based payment service also comes with zero hidden charges.

Sokin offers currency exchange services in 150 countries through its partners, covering 35 currencies.

The company also delivers Sokin wallets and cards in 200 countries.

Sokin CEO Vroon Modgill said: “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.”