Mastercard, in collaboration with FD Global Connections, has rolled out a new initiative in the Australian fintech sector. This venture aims to assist Australian fintech firms in streamlining their governance and risk management practices. It addresses the tightening conditions for capital acquisition that has prompted innovators to reassess their priorities.

According to ITBrief, this program, dubbed FinTech Pathway to Effective Governance, focuses on four areas essential for fintech companies. These include implementing governance and risk management practices, recruiting and retaining experienced board members, establishing global structures for effective governance, and aiding fintech entities in expanding their network of non-executive directors.

Mastercard Targets Fintech Firms in Australia

Dan Martin, the Vice President and Head of Digital Partnerships, Australia, at Mastercard, emphasized the program's role in bridging the gap in providing support to fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term partners. This is in light of the current economic landscape and the evolving regulations.

Recently, nine fintech firms completed the program. They received insights from industry leaders, regulatory figures, and non-executive directors. The curriculum included a one-on-one mentoring session in the final week.

Mastercard has set its sights on the fintech landscape through its partnerships in Europe and North America. The company manages digital partnership programs, such as Mastercard Fintech Express and Mastercard Start Path. These programs aim to provide financial flexibility and offer global licensing support to fintech firms.

AI Initiatives in the Payment Space

Additionally, Mastercard is leveraging Artificial Intelligence to tackle the challenges of cybercrime, expanding payment ecosystem, and increasing regulations. According to a recent report by Finance Magnates, the company recently unveiled a suite of AI-powered solutions to enhance its services.

Mastercard's machine-powered resiliency solutions aim to ensure a seamless payment flow, alleviating concerns for both financial institutions and regulators. The integration of AI marks a pivotal shift in the battle against cybercrime, where data-processing capability is the frontline defense against fraud, the company said.

In October, Mastercard partnered with Instacart to offer users on-demand online shopping and grocery delivery. Eligible World Mastercard and World Elite Mastercard holders have exclusive access to Instacart+ membership perks, including a two-month free trial and a $10 monthly discount on eligible Instacart purchases.