Mastercard backs Fideum Group’s vision to merge crypto with traditional finance Mastercard backs Fideum Group’s vision to merge crypto with traditional finance
Fideum aims to harness Mastercard's global network to accelerate digital asset integration into the financial industry.
2 min read
Updated: Dec. 22, 2023 at 1:51 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Fintech company Fideum Group said its collaboration with traditional payment giant Mastercard would enable it to “integrate digital assets into everyday financial activities.”
In an interview with CryptoSlate, CEO Anastasija Plotnikova explained how the company’s status as the overall winner of the Mastercard Lighthouse FINITIV 2023 Fall Program will bolster its business and help serve its clients better.
The FINITIV awards committee chose Fideum because it has a clear vision of marrying the old established tenets of the traditional financial system with the new features and functions of the crypto industry while ensuring regulatory compliance.
Fideum’s big dreams
Plotnikova stated that the firm’s success at Mastercard’s Lighthouse FINITIV Program validates its idea and serves as an endorsement for the kind of products it is trying to build.
The Mastercard Lighthouse FINITIV program allows Nordic and Baltic fintech to work with major financial company stakeholders, including Mastercard and tier-one Nordic banks: Danske Bank, Swedbank, Seb and OP Financial Group.
Following the win, the company dreams big and hopes that its partnership with the traditional financial giant will be the game changer in how crypto assets are integrated into the traditional financial industry.
The emerging crypto industry has faced substantial skepticism and criticism from traditional financial experts who argue that the blockchain-based industry is too volatile to replace the old system.
However, Plotnikova pointed out that working with firms like Mastercard and accessing its global infrastructure could change how the industry is viewed.
“Partnering with Mastercard doesn’t just expand our network; it plugs us directly into a pipeline of emerging technologies and innovations in the payment and financial services sectors. This can accelerate our ability to integrate new features and capabilities into our platform,” the CEO said.
She continued that:
“This isn’t just a collaboration; it’s a transformation of how digital assets are perceived and used, both by retail and institutional clients. We’re setting a new standard for accessibility and security in the digital asset space.”
Plotnikova further noted that the partnership could encourage more institutional clients to work with the company, saying:
“For our clients, especially in the institutional sector, this association can be a significant factor in their decision to choose us, knowing that our solutions are aligned with the standards of a global financial leader.”
Fideum is a fintech company that builds blockchain infrastructure that integrates retail users with financial institutions. Some of its services include crypto wallet services, decentralized exchange connectivity, and smart contract automation.
The company website shows it has secured four global licenses and actively advises nine regulatory bodies. Additionally, its services are supported in 120 countries.
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Posted In: Payments, Technology
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Mastercard is a leading global payments & technology company that connects consumers, businesses, merchants, and issuers and governments around the world.