Partnership complements work already going on in Jamaica

Mastercard and GCS International, a regional fintech based in the Dominican Republic, have extended their partnership to develop digital payments solutions to underserved consumers across the Caribbean. 

This partnership builds on the collaborative work already under way in the Dominican Republic and expands to include solutions in Jamaica. The collaboration will strengthen the economic growth potential in the Caribbean, providing the underserved population with a simple and secure real-time payment solution. 

Financial institutions will be provided with a white label mobile wallet solution, including Mastercard prepaid cards for international use, providing end users with enhanced payment options. 

Addressing the signing ceremony recently, Carlo Enrico, Mastercard’s Latin America and Caribbean region president, reiterated his company’s commitment “to delivering a digital economy that works for all”.

He added: “As the fintech landscape evolves at an unprecedented speed, Mastercard provides the infrastructure and assets to help fintechs grow and attract more people to the digital economy.”

GCS International is a fintech in the Dominican Republic specialised in technology within the payments industry, focused on the development of mobile solutions such as transfers between accounts, payment of basic services, loan payments, among others. 

Commenting on the deal, Brian Paniagua, CEO of GCS International remarked that, “this strategic alliance with Mastercard is a natural evolution in the industry goal towards achieving the financial inclusion of more countries in the Caribbean and capitalises on GCS’ proven track record ability to apply leading technology to the financial industry in benefit of those who need it most”.

He added: “We look forward to expand this alliance in a near future to other countries in Central America as well.”