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Marqeta Expands Global Footprint With New Certifications for Singapore, Philippines, and Thailand
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Marqeta, a global card issuing platform, has expanded its services with new certifications in Singapore, Philippines, and Thailand, bringing its total to 39 countries. The company aims to establish Singapore as its Asia Pacific regional hub in 2022, enhancing support for regional fintechs seeking to modernize payment infrastructures. This move reflects Marqeta's strategy to empower clients with innovative, customizable payment solutions powered by open APIs, ultimately facilitating global expansion.
Positive
Marqeta expands its platform to 39 countries, increasing market presence.
Establishing Singapore as a regional hub is likely to enhance operational efficiency.
Targeting fintechs in new markets indicates a strategic focus on high-growth sectors.
Negative
Risks associated with global expansion may affect customer acquisition and retention.
Competition in the payment technology space could impact market demand.
With new certifications, Marqeta’s modern card issuing platform is now enabled in 39 countries globally, with plans to open a new Asia Pacific regional hub in Singapore in 2022.
OAKLAND, Calif.--(BUSINESS WIRE)--
Marqeta (NASDAQ: MQ), the global modern card issuing platform, today announced that its payments platform is now certified in Singapore, Philippines, and Thailand, expanding its global reach to 39 countries globally.
With new certifications in Singapore, Philippines and Thailand, Marqeta’s platform is now enabled in five countries in the Asia Pacific region, having announced its Australian office and supporting its first customers in New Zealand in 2021. The company plans to establish Singapore as its Asia Pacific regional hub, building a broader team to support the region in 2022.
“Marqeta is a single, global platform, allowing our customers to build once and launch anywhere,” said Vidya Peters, Chief Operating Officer at Marqeta. “We’re constantly assessing where our customers are looking to launch, and what markets hold the most immediate potential for our technology. We’re excited to support new card programs in these new markets and to enable our customers’ global expansion ambitions throughout 2022.”
Marqeta will initially target fintechs and local disruptors in Singapore, Philippines and Thailand that are looking to transform payments by creating digital-first, seamless customer experiences. These new markets have a common commitment to improving payment infrastructure, with a focus on interoperability between countries, making them a good fit for Marqeta’s modern card issuing technology.
About Marqeta
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions. Marqeta is headquartered in Oakland, California and is enabled in 39 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.
Forward-Looking Statements
This press release contains "forward-looking statements'' within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, Marqeta’s plans to open a new Asia Pacific regional hub and office in Singapore in 2022, statements regarding Marqeta’s business plans and business strategy in new markets, Marqeta’s global expansion plans, expectations related to certifications in South American markets throughout 2022, and statements made by Marqeta’s Chief Operating Officer. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the effect of uncertainties related to the global COVID-19 pandemic on U.S. and global economies, our business, results of operations, financial condition, demand for our platform, sales cycles and customer retention; the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that consumers and customers will not perceive the benefits of Marqeta’s products as Marqeta expects; the risk that Marqeta’s solution will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services; the risk that changes in the regulatory landscape adversely affects the gross interchange or other revenue Marqeta earns or adversely affects the bank and network costs Marqeta incurs; risks relating to the expansion of Marqeta’s business internationally, including difficulty in attracting a sufficient number of Customers in a given international market, the ability to support and integrate with local Bank Identification Number sponsors and third-party vendors, and difficulties in staffing and managing foreign operations; and the risk that Marqeta may be subject to additional risks such as currency fluctuations due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” disclosed in Marqeta's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
