Davos 2023 | India an important market, many fintech startups to partner with: Mastercard

Mastercard has also inked deals with quite a few startups in India and Froman said it looks forward to doing so in the future as well. "There are 10,000s of startups in India in the fintech space that are so innovate and important for us to partner with. We have a great relationship with many of them. We have a programme that helps incubate fintechs and give them access to our network and our mentorship and the like. We will be very much focused on that ecosystem in India, which is the source of so many great innovations in the digital space," he added. 

Froman thinks it is a great moment for India to take over the G20 Presidency and it comes at a critical time where there is a need of further collaboration among countries and between countries and governments as well as their private sectors. "And I think the G20 has really evolved over the last 10 or 15 years and it creates great opportunity for the private sector to give feedback, have input on things like the digital economy and financial inclusivity," he said, adding that Mastercard is honoured to co-chair the task force on financial inclusion and economic empowerment.

Froman is of the view that for 2023, it is important to prioritise the areas in which Mastercard works, ensure that as a company it is focused on allocating its capital and resources to the highest priority projects. "In the process of doing that, I think it is important to also focus on the medium and the long term and investment in the kind of innovations that creates new businesses and new opportunities in the future," he added.