Mastercard focusses on Southeast Asia, Latin America after India’s ban, Russia exit
The Hindu
India's Central bank banned Mastercard after declaring it "non-compliant" with the country's 2018 rules that required foreign card networks to store Indian payments data locally for "unfettered supervisory access."
Southeast Asia and Latin America are strong growth regions for Mastercard after its withdrawal from Russia in March and India's 2021 ban on it from issuing new cards, the company's co-president for international markets said.
"Southeast Asia is exciting [due to] the right demographics, the adoption of technology and digitisation, and governments' focus on financial inclusion," Ling Hai told the Reuters Global Markets Forum, adding that countries in the region would also benefit as supply chains shift away from China.
India's Central bank banned Mastercard after declaring it "non-compliant" with the country's 2018 rules that required foreign card networks to store Indian payments data locally for "unfettered supervisory access."
"Our sense is we are getting really close to a resolution," Mr. Hai said on the India ban, adding that the company was working "very constructively" with the Indian government and the Reserve Bank of India (RBI).
Hai said Mastercard was ready to comply with India's local data-storage rules. "The goal is to be 100% compliant. Anything we need to localise in India, we are taking tangible steps to get there." Mastercard says India is a key growth market and has invested $2 billion in the country since 2014 to build technology centres and support innovation in digital payments.
Mastercard suspended operations in Russia — a market that accounted for roughly 4% its net revenue in 2021 — in March, over its invasion of Ukraine.
In Russia, if an opportunity arose to improve rules and regulations in areas such as financial inclusion, sustainability and data privacy, Mastercard will "work towards changing them together with other stakeholders in the ecosystem, including the government themselves", Mr. Hai said.
Viatris faces U.S. FDA import alert for products from Indore plant, exceptions made for certain shortages.
xAI’s Grok may soon come to an iOS app as the company announced its Series C funding round of $6 billion.
Biocon and Zentiva receive EU approval for Liraglutide, a complex formulation for diabetes and weight management.
Equity markets fluctuate as Sensex and Nifty rise initially, then fall; global markets and oil prices also discussed.
Microsoft has been working on adding internal and third-party AI models to power Microsoft 365 Copilot.
China's dominance in critical minerals poses supply chain vulnerabilities for India, US, and EU nations, requiring strategic diversification efforts.
India's controversial popcorn tax system sparks outrage and criticism, with opposition questioning the complex GST rates.
ICAI President investigates auditing lapses at Byju's, disciplinary committee probing, details undisclosed, part of ongoing investigations.
Sensex and Nifty rebound sharply after steep decline, driven by value buying, bluechip stocks, and global market rally.
AS-IT-IS Nutrition aims for ₹300 crore GMV in 2025 with ATOM range, endorsed by Ravindra Jadeja.
Adani Group acquires Air Works, India's largest MRO company, expanding its aviation services with a ₹400 crore deal.