Mastercard and EedenBull, a Norwegian fintech firm, have introduced a card and spend management platform designed to help small and medium-sized enterprises (SMEs) in the Asia-Pacific (APAC).

The new solution will enable SMEs in the APAC to process their spending and payments more effectively.

Mastercard will also refer EedenBull’s Q Business platform to its network of customers issuing cards to SMEs in the region as an extension of the existing partnership between the two firms.

The service will be offered to issuers soon, initially in Australia, New Zealand, Singapore, the Philippines and Malaysia and then throughout the region.

Mastercard products and innovation Asia Pacific executive vice president Sandeep Malhotra said: “Combining Mastercard’s experience, commercial solutions, and wide network of customers and partners with EedenBull’s unrivalled expertise in this space will help banks to stay ahead of the curve and deliver added value to their SME customers.”

Q Business offers a one-stop artificial intelligence (AI)-driven digital platform that delivers SMEs full visibility of operational spend across the business.

It also streamlines expense management and payment handling as well as provide real-time insight into transaction patterns, enabling SMEs to issue, manage and oversee cards for their employees through mobile and web.

EedenBull will also manage all Q Business integration work for issuers, including setting up the branded solution, conducting issuer sales training and managing support for their SME customers.

EedenBull CEO Nicki Bisgaard said: “This innovative solution, available through mobile apps and web interfaces, empowers SMEs to efficiently manage payments across their organisations.

“SMEs are essential to global economies but often lack access to cutting-edge payment technology. Q Business provides business owners with enhanced visibility and control over financial processes, ultimately increasing card issuance among employees.”