LONDON (Reuters) – Mastercard Inc has made a strategic investment in fintech firm Marqeta Inc and extended an existing partnership with the card issuing start-up, the companies said on Thursday.
Mastercard and Marqeta will work together to expand into new markets, build new products and launch new card programs, they said.
The size of the investment was not disclosed.
“As Marqeta’s global ambitions continue to grow we saw an opportunity to strengthen the partnership,” Omri Dahan, Marqeta’s chief revenue officer, said in an interview. He added that Marqeta had not been in need of a cash injection.
The Oakland, California-based company has developed a platform that it says makes payment card issuing and processing simpler and more efficient for businesses. Its backers include Goldman Sachs Group Inc and Visa Inc.
The Governance Commission for GOCCs (GCG) is supporting the proposal seeking to allow the Department of Finance (DoF) to take the lead in supervising the Philippine Health Insurance Corp. (PhilHealth).
GCG Chairman Samuel Dagpin Jr. said this has been the recommendation submitted by the commission to President Duterte in 2017 following an operational audit with respect to PhilHealth’s performance.
“Our recommendation to the President is to transfer the supervising agency from the Department of Health (DoH) to the DoF primarily because this is an insurance business…That was our recommendation in 2017,” Dagpin told the Senate Committee on Finance subcommittee hearing the GCG’s proposed P192-million budget for next year.
While privatizing PhilHealth could be one of the options to remove corruption in the agency, Dagpin said he believes a reorganization of the PhilHealth’s management structure can help remove anomalous practices in the insurance agency.