Mastercard announces Sokin as a principal member for Singapore
November 19, 2020 | SINGAPORE/LONDON | By Barkha PatelSokin, a leading fintech providing fixed-price instant payment services, has signed an agreement with Mastercard to be a principal member and card issuer for Singapore, just weeks after the two companies announced their partnership in Europe and the UK.
Sokin is launching a subscription-based payment service that provides fast and cost-effective currency exchange with no hidden charges. Through trusted partners, Sokin will be present in 150 countries and its wallets and cards will be in 200 countries, covering 35 different currencies.
“Being appointed as a principal member for Mastercard in Singapore is significant for us,” said Vroon Modgill, CEO at Sokin. “We are known for our ability to create secure and reliable payment networks and becoming a card issuer for Mastercard shows the quality of our systems and processes. We are delighted with the expansion of our relationship with Mastercard and look forward to growing our market coverage with them.”
Sokin will offer international money transfers and payments with no mark-up on transactions, saving customers on average of 20% against existing payment solutions. Sokin’s proprietary technology makes the process easy – from the onboarding of customers to instant payments – all in its secure peer-to-peer mobile app.
“Mastercard is delighted to partner with Sokin to improve payment services for many millions of people. As a global leader in payments, Mastercard always looks to support innovation that delivers security, convenience and choice,” said Rama Sridhar, Executive Vice President, Business Development, Digital and Emerging Partnerships, New Payment Flows, Asia Pacific, Mastercard. “Mastercard’s trusted and secure digital solutions and card services, combined with Sokin’s new offering, will benefit businesses and consumers with even better transfers and transactions.”
Mastercard is working with Sokin in Singapore as a principal member and across the European Economic Area as a BIN sponsor. The Sokin service will go live in the first quarter of 2021.
For more information please go to www.sokin.net
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About Sokin
Sokin is a leading financial service provider that enables global payments for both individuals and businesses. Sokin believes in giving its customers the power to make payments and transfer money as many times as they want per month for one monthly fee.
Current foreign exchange services can be carried out in as little as 30 minutes, but are often highly loaded with opaque fees. Consequently, few customers are given real value on repeat payments. Sokin is launching a subscription-based cross-border payments platform for customers who demand instant international money transfers at interbank FX rates.
Founded in 2019, Sokin has quickly established itself on the global map. It has 9 offices allowing businesses and consumers to make payments in over 200 countries, issue Sokin Cards in over 75 countries, Sokin wallets in 150 countries and exchange money in over 35 currencies. Sokin can also transfer any currency into any bank account in China within 2 hours, excluding weekends and Chinese bank holidays.
For more information please go to www.sokin.net
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
