MasterCard Worldwide announces new head
(19 May 2010 – global) MasterCard Worldwide has announced that Andrew Ong has been appointed group head, Global Person-to-Person (P2P) Payments, a role that will bolster MasterCard’s mission to advance global commerce and drive innovation.
Mr Ong will be responsible for identifying and evaluating new P2P payment solutions in an effort displace cash and cheque payments, and will help in growing MasterCard’s overall transaction processing and gross dollar volume, MasterCard said in a statement.
In 2006 person-to-person transfers were recorded at US$233 billion (A$269 billion) by the World Bank.
The Aite Group forecasts this figure to grow to US$456 billion by 2010, making money transfers one of the largest growth opportunities available for many financial institutions.
His appointment is significant for the APMEA (Asia/Pacific, Middle East and Africa) region, as the landscape of financial payment systems becomes increasingly sophisticated and innovation in developing a portfolio of products and services that are aimed to meet the widest possible needs of people becomes increasingly pertinent, MasterCard Worldwide said in a statement.
The company is excited for Mr Ong to join the Innovative Platforms team as it continues to build MasterCard’s innovation profile with solutions that meet the needs of the global marketplace, said Joshua Peirez, group executive, Innovative Platforms for MasterCard.
His well-rounded experience for the world’s leading technology and money transfer companies will even better enable MasterCard to bring innovative P2P solutions to market intelligently and efficiently giving consumers around the world a better way to exchange funds, added Mr Peirez.
Prior to joining MasterCard, Andrew held several key positions at Western Union, General Electric, IBM and Hewlett Packard. In his most recent position at Western Union, Andrew served as Regional Vice President and Managing Director in their North Asia region and board member of the Western Union Foundation.
In 2006 person-to-person transfers were recorded at US$233 billion (A$269 billion) by the World Bank.
The Aite Group forecasts this figure to grow to US$456 billion by 2010, making money transfers one of the largest growth opportunities available for many financial institutions.
His appointment is significant for the APMEA (Asia/Pacific, Middle East and Africa) region, as the landscape of financial payment systems becomes increasingly sophisticated and innovation in developing a portfolio of products and services that are aimed to meet the widest possible needs of people becomes increasingly pertinent, MasterCard Worldwide said in a statement.
The company is excited for Mr Ong to join the Innovative Platforms team as it continues to build MasterCard’s innovation profile with solutions that meet the needs of the global marketplace, said Joshua Peirez, group executive, Innovative Platforms for MasterCard.
His well-rounded experience for the world’s leading technology and money transfer companies will even better enable MasterCard to bring innovative P2P solutions to market intelligently and efficiently giving consumers around the world a better way to exchange funds, added Mr Peirez.
Prior to joining MasterCard, Andrew held several key positions at Western Union, General Electric, IBM and Hewlett Packard. In his most recent position at Western Union, Andrew served as Regional Vice President and Managing Director in their North Asia region and board member of the Western Union Foundation.
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