i2c Inc., which provides digital payment and banking technology, on Tuesday (March 29) partnered with Visa to become a FinTech processor in the Middle East-North Africa (MENA) region, according to a joint press release.
MENA FinTechs can access Visa’s global network and i2c’s issuing and processing platform through the companies’ combined suite of digital solutions and advanced payments technologies.
“This agreement will allow the region’s financial visionaries to go-to-market quicker and to innovate across a broad range of products and features including virtual cards, debit, prepaid, credit, BNPL, cryptocurrency, loyalty and more – and to do it securely and reliably,” said Amir Wain, CEO of i2c Inc., in the joint press release.
The agreement between i2c and Visa comes at a time when there are about 680 million unbanked people across the MENA and 60 million untapped merchants in central Europe, the Middle East and Africa (CEMEA).
“We see great opportunity to further accelerate financial access and drive innovation in emerging markets and are proud to be working with leading partners who bring deep market understanding and FinTech expertise,” said Visa’s Andrew Torre, regional president, CEMEA, in the joint press release.
“We are looking forward to working closely with i2c to accelerate the speed with which FinTechs across the Middle East and North Africa region can create innovative payment solutions, built on the foundation of the Visa network,” he said.
Related: Payments Processor i2c, App Developer Swell Team to Create Integrated Financial Platform
In February, i2c announced a strategic relationship with Swell Financial, which works in automatic spending control and related areas.
A recent survey from Swell found that 99% of respondents didn’t think traditional banks would help them make smart financial moves to cut debt or make better investments. Additionally, 94% trusted financial advice from social media rather than their banks.
Swell’s Shoreline application programming interface (API) infrastructure, built on i2c’s global platform, allows for integration and instant funds transfer between deposit accounts, credit and other financial products. i2c will also power Swell’s debit and credit products.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More