Mastercard Launches Global Coalition to Promote Digital Tools for Financial Health

Core Insights - Mastercard has launched a Global Financial Health Coalition aimed at enhancing financial health and resilience for consumers and small businesses worldwide [1][2] - The coalition comprises various stakeholders including financial institutions, NGOs, telcos, and wallet providers, with a focus on responsible innovation and user protection [2][3] - The initiative is guided by three core principles: connecting people to financial tools, leveraging technology for protection, and empowering financial well-being [4] Coalition Composition - The coalition includes companies such as DANA, GCash, TrueMoney, MTN Group Fintech, MOCO, Axian, Daviplata, and The Center for Financial Inclusion, all working on solutions to promote financial health [3] Recent Initiatives - In September, Mastercard partnered with Smile ID to enhance secure digital identity solutions in Africa, aiming to streamline customer onboarding for enterprises [5] - In July, Mastercard collaborated with BMO to expand the Canadian bank's money transfer service, allowing clients to send money to nearly 70 destinations [6] - Mastercard's partnership with National ITMX in June is set to boost the Thai digital economy by enhancing the PromptPay real-time payments platform [7][8]