< Previous INTERVIEW fi nancemiddleeast.com20 | June-July 2026 FME_Jun2026_20-21_Lateefa Interview_13949995.indd 20FME_Jun2026_20-21_Lateefa Interview_13949995.indd 2030/06/2026 15:2430/06/2026 15:24INTERVIEW fi nancemiddleeast.comJune-July 2026 | 21 Ownership is often mistaken for vanity. Art collecting, in particular, is frequently reduced to status, spectacle, or the logic of investment. While works of art can of course function as stores of value, appreciating over time as scarce assets, that reading is often incomplete. For many collectors across the GCC, the motivations are far more intimate touching on identity, curiosity, and connection. Art collecting, in particular, is frequently reduced to status, spectacle, or the logic of investment. While works of art can of course function as stores of value, appreciating over time as scarce assets, that reading is often incomplete. When it comes to collecting, my approach has always been very instinctive. I collect across disciplines. Art, jewellery, and even archaeological objects during my time studying archaeology. I often joke that collectors are simply natural hoarders with taste. It’s a personality trait. Some collectors are incredibly strategic, and I admire that deeply. I can be that way when advising others, but my own collection has always followed whatever chapter of life I’m in. When I fi rst began collecting, I was very young, and my collection refl ected movement and travel. If I was in Hong Kong, Beirut, South Korea, or even Bhutan, I would acquire something there. Those works became markers of places, encounters, and experiences that shaped me. My early collection was global, spontaneous, and closely tied to discovery. Recently, I’ve become more deeply embedded in the local scene I fi nd that my collecting has shifted. I spend time in studios, follow artists’ processes, and build relationships. That emotional connection often matters more to me than the object itself. It makes you want to live with the work. There are also periods when I don’t collect at all, and I’ve learned to embrace that. Your eye evolves; your taste evolves. Mine has increasingly moved toward conceptual and research-based practices. Sometimes, instead of acquiring, I support production, installation, or research. I become part of the work without owning it. I think that distinction is important. Collecting can easily become ego-driven with the constant emphasis on acquisition. I try to balance that by supporting institutions, programs, and museum exhibitions. For me, that contribution is just as meaningful as bringing a work into my home. Ultimately, my collection is personal and emotional, grounded in relationships as my engagement with culture extends beyond collecting. It’s about contributing to the ecosystem that allows artists and ideas to exist, grow, and circulate In an era where collecting is often measured by asset value, Lateefa reminds us that collecting can be valued by stewardship than ownership. Words by: Lateefa bin Hamoodah CO L L E C T I N G BEYOND OWNERSHIP Instinctive collecting, emotional connection, and why supporting artists can be as powerful as owning the work itself FME_Jun2026_20-21_Lateefa Interview_13949995.indd 21FME_Jun2026_20-21_Lateefa Interview_13949995.indd 2130/06/2026 15:2430/06/2026 15:24COVER STORY fi nancemiddleeast.com22 | June-July 2026 SECURING THE FUTURE How Mastercard is fortifying digital guardrails for a more resilient payment infrastructure across the region In conversation with Mark Elliott, Division President for East Arabia, Mastercard FME_Jun2026_22-29_Cover story _13893162.indd 22FME_Jun2026_22-29_Cover story _13893162.indd 2230/06/2026 15:2230/06/2026 15:22PARTNER CONTENT fi nancemiddleeast.comJune-July 2026 | 23 FME_Jun2026_22-29_Cover story _13893162.indd 23FME_Jun2026_22-29_Cover story _13893162.indd 2330/06/2026 15:2230/06/2026 15:22COVER STORY fi nancemiddleeast.com24 | June-July 2026 Mastercard’s Built Small. Moving Strong initiative, provides SMEs with much-needed access to credit and cost savings As geopolitical tensions, cyber threats and rapid digitisation reshape global fi nance, digital infrastructure is no longer a back-offi ce function. It has become a frontline pillar of economic resilience. Across the Gulf, advanced payment rails, clearer regulation and rapid consumer adoption have helped create one of the world’s most sophisticated digital economies. For Mark Elliott, Division President for East Arabia at Mastercard, the company’s role is expanding beyond payments processing into the realm of critical infrastructure. By building secure and scalable “digital guardrails,” Mastercard is working with governments, banks, and businesses to keep commerce moving, protect trust, and ensure continuity during periods of disruption. That shift is playing out diff erently across markets. In East Arabia, the focus is on deepening mature digital ecosystems. In this interview, we examine how Mastercard focuses on driving regional economic resilience by advancing digital infrastructure, securing transactions with AI-powered cybersecurity, and empowering SMEs through strategic public- private partnerships. D I G I TA L I N F R A S TR U C TU R E I S A CORNERSTONE OF MODERN FINANCE. HOW DOES MASTERCARD CONCEPTUALISE THIS ECOSYSTEM, GIVEN THAT ITS SCOPE HAS EVOLVED FAR BEYOND TRADITIONAL PAYMENT RAILS? Digital infrastructure has evolved from the transactional ‘plumbing’ of the global economy into a foundation of trust that empowers us to build a smarter, more secure, and more inclusive digital world. Today, it is the connective tissue enabling seamless, real-time interactions between consumers, businesses, and governments. This transformation expanded our focus from solely moving money to securely managing data, identity, and continuous innovation. In times of uncertainty, robust digital infrastructure provides much-needed foundation for business continuity, stability, and resilience. HOW IS MASTERCARD SUPPORTING SMES? SMEs are the engine of economic growth and key drivers of innovation. They play a crucial role in fueling progress by creating new job opportunities and reinvesting in their communities. At Mastercard, we are committed to equipping every business with the digital tools, insights, technology services, cyber assessments, digital training, mentorship, and knowledge they need to thrive. We pledged to bring 50MN micro, small, and medium enterprises (MSMEs) worldwide into the digital economy by the end of 2025. After exceeding our target by 15M, we have set a new goal for ourselves – to connect and protect 500MN people and small businesses on their pathways to fi nancial health by 2030. The current climate, undeniably, is a catalyst for change and SMEs are adapting with remarkable agility. At Mastercard, we support entrepreneurs and SMEs in scaling with digital solutions, payment acceptance, and knowledge-sharing. In response to the current situation, we have launched Built Small. Moving Strong, a regional SME resilience platform designed to empower small businesses to navigate uncertain times and unlock enduring growth. By working alongside our partners across the public and private sectors, we help ensure support reaches SMEs where it matters most. In addition, we are working with telcos and fi ntech companies to fast-track digital onboarding for SMEs so that they can accept online and contactless payments. Together with governments and banks, we are enhancing access to capital for small businesses facing cash fl ow pressures and sharing data to inform their own SME support initiatives. As part of our long-term collaboration with First Abu Dhabi Bank (FAB), we have launched a three-tiered SME commercial cards suite that equips small businesses with smarter, more fl exible tools to manage operating expenses, working capital, and day-to-day payments. We are also working with RAKBANK, which has We have set a new goal for ourselves – to connect and protect 500 million people and small businesses on their pathways to fi nancial health by 2030 FME_Jun2026_22-29_Cover story _13893162.indd 24FME_Jun2026_22-29_Cover story _13893162.indd 2430/06/2026 15:2230/06/2026 15:22PARTNER CONTENT fi nancemiddleeast.comJune-July 2026 | 25 Mark Elliott, Division President for East Arabia, Mastercard Xx xxx xxx AI-driven business registration process. Fintech companies play a key role in payment digitization, which provides a robust economic foundation to address the wide range of challenges small businesses face. Connecting SMEs, which are often unserved or underserved by traditional fi nancial institutions to the digital economy, greatly enhances ease of doing business. Digital solutions help small businesses pay and get paid, manage expenses, access funds, and obtain credit. At Mastercard, we are committed to supporting fi ntech innovators in creating practical off erings that empower SMEs to succeed. We enable SMEs to benefi t from innovative digital tools that help them streamline processes and reduce costs, such as the business subscription management platform powered by our technology partner Nuclei. committed approximately AED 2BN in additional credit limits for new and existing customers. Furthermore, we are collaborating with SME organisations to provide small businesses with near-real-time insights and targeted assistance to help them address shifting demand, adjust pricing and identify emerging growth corridors. We have recently co-hosted a webinar on navigating disruption with Female Fusion, the region’s largest network for women business leaders. Together with our wide ecosystem of partners, we are helping small businesses remain operational, connected, and protected so that they can continue to play their vital role in sustaining jobs, communities, and economies. NAVIG AT I NG T O D AY’S EC ONOMIC UNCERTAINTY REQUIRES SHARED EFFORT. HOW ARE YOU DRIVING PUBLIC-PRIVATE PARTNERSHIPS TO SPECIFICALLY SUPPORT AND EMPOWER LOCAL SMES? Mastercard’s SME Confi dence Index has revealed that many SMEs in the region are struggling to adapt to rapid digital transformation. They also must deal with rising costs, supply chain disruptions and shifts in consumer spending. At the same time, periods of uncertainty tend to increase exposure to fraud and fi nancial risk, adding another layer of pressure. At Mastercard, we have launched QR code payments, Click to Pay, and Tap on Phone to enable widespread acceptance for SMEs. These low-cost, scalable, and easy-to-use solutions allow freelancers, small e-commerce players, and tech-unsavvy merchants to generate links and accept payments without any additional technology integrations. In the UAE, we are working with Geidea to provide SMEs with access to our payment gateway technology, off ering advanced fraud prevention solutions and addressing the growing demand for recurring transactions and alternative payment methods, such as digital wallets. In Qatar, we have launched the ‘myPOS’ Tap on Phone service for micro and small businesses in collaboration with QNB. SME access to fi nance in the Arab world is the lowest globally – they account for only 7% of total bank lending. At Mastercard, we are improving access to credit for SMEs through our collaborations with fi nancial institutions and fi ntech partners. A prime example is our co-branded credit card with DP World and Emirates NBD that streamlines payments for shipments at the port for small businesses in the trade and logistics sector in Dubai. We have also joined forces with IFZA, one of the fastest-growing free zones in the UAE, and Global Tax Assistant to launch a fully digital, We are committed to supporting fi ntech innovators in creating practical off erings that empower SMEs to succeed FME_Jun2026_22-29_Cover story _13893162.indd 25FME_Jun2026_22-29_Cover story _13893162.indd 2530/06/2026 15:2230/06/2026 15:22COVER STORY fi nancemiddleeast.com26 | June-July 2026 IN A PERIOD MARKED BY HEIGHTENED GEOPOLITIC AL AND ECONOMIC UNCERTAINTY, HOW HAS DIGITAL PAYMENT INFRASTRUCTURE HELD UP ACROSS THE GCC? It has held up remarkably well. According to data from the UAE Cyber Security Council (CSC), the country is now fending off around 800,000 cyberattacks every day – up from 200,000 before – and still succeeding. The CSC noted that attacks have intensifi ed in frequency as well as sophistication. This should serve as a call to organisations – both small businesses and enterprise level companies – for even greater awareness and active preparation. Because in the digital economy, cyber resilience is taking on ever-increasing importance every day. The opportunism of bad actors during times of geopolitical uncertainty, just magnifi es the reality. Our daily lives and our economies are built on digital foundations. And as we rely more on this infrastructure, we must also be diligent in protecting it. As adoption accelerates, stronger governance and deeper partnerships will be essential to ensure rapidly expanding digital systems continue to deliver meaningful outcomes. This commitment to resilience is ultimately what sustains public confidence. While we may be navigating a complex new reality, the fundamental drivers of trust remain unchanged: secure payments, reliable infrastructure, and absolute transparency regarding the movement of capital. It is this intersection of security and stability that regional fi nancial hubs are currently pursuing with laser-sharp focus. HOW HAS THE REGION BUILT MOMENTUM AROUND DIGITAL RESILIENCE? GCC countries have long been recognised for their visionary leadership, robust public-private partnerships, and a collective drive to build a future-ready digital economy. Driven by forward- thinking national strategies – such as We the UAE 2031, the UAE Centennial 2071, the Qatar National Vision 2030, and Qatar’s National Digital Agenda 2030 – the region has established a world-class digital infrastructure. This foundation continues to foster a thriving fi ntech ecosystem and the rapid adoption of secure, frictionless payment solutions that cater to a highly tech-savvy consumer base. In an evolving digital fi nancial services ecosystem, we are a technology enabler of choice that connects government entities, e-tailers, telcos, and fi ntech companies to fast- track the growth of the UAE’s digital economy. We provide technology solutions, platforms, and propositions that enable a superior digital experience for consumers and businesses. A prime example of a successful public-private partnership is our collaboration with the Abu Dhabi Investment Offi ce (ADIO) to launch the Abu Dhabi digital partnership programme. HOW DOES MASTERCARD HELP INSTITUTIONS DRIVE FUTURE COMMERCE AND INNOVATION? The initiative aims to introduce innovative technologies to digitise government payment systems, support SME growth, and empower fi ntech companies. Our joint eff orts are building on Abu Dhabi’s advanced fi nancial infrastructure and enabling business ecosystem to drive impactful, sustainable economic outcomes. We have also joined forces with the UAE’s Artifi cial Intelligence, Digital Economy and Remote Work Applications Offi ce to establish the Centre for Advanced AI and Cyber Technology in Dubai. We are working together to increase AI capabilities and readiness in the region. The next frontier we are exploring with our partners is agentic commerce, which is changing the role of agentic AI in e-commerce from product search to personalized, autonomous shopping experiences, with AI agents proactively discovering and purchasing products for consumers. Our latest milestone was the completion of the fi rst agentic commerce transaction in the region, powered by Mastercard Agent Pay, in collaboration with Majid Al Futtaim last December. We are currently in discussions with more leading merchants in the region to expand use cases to grocery, F&B, fashion, and other segments. HOW IS CONSUMER BEHAVIOUR SHAPING MASTERCARD’S DIGITAL STRATEGY? According to our research, 2026 is shaping up to be the year of authentic intentionality, with people proactively seeking more thoughtful, meaningful ways of living. Our proprietary data reveals that consumers are increasingly prioritising connection and spending time and money on what genuinely fulfi lls them – experiences with people who matter the most. Up to 75% of our cardholders say they feel their best when pursuing their passions, including culinary exploration, artistic endeavors, and cultural immersion. At Mastercard, we are moving beyond simply enabling transactions to actively curate the extraordinary. We are expanding our priceless platform and introducing premium off erings like the Mastercard Collection, ensuring our cardholders have unparalleled, frictionless access to the culinary, cultural, and artistic moments that bring them authentic joy. 2026 is shaping up to be the year of authentic intentionality with people proactively seeking more thoughtful, meaningful ways of living FME_Jun2026_22-29_Cover story _13893162.indd 26FME_Jun2026_22-29_Cover story _13893162.indd 2630/06/2026 15:2230/06/2026 15:22PARTNER CONTENT fi nancemiddleeast.comJune-July 2026 | 27 FME_Jun2026_22-29_Cover story _13893162.indd 27FME_Jun2026_22-29_Cover story _13893162.indd 2730/06/2026 15:2230/06/2026 15:22COVER STORY fi nancemiddleeast.com28 | June-July 2026 HOW ARE YOU BRINGING YOUR EXPERIENCE FROM AFRICA TO YOUR CURRENT POSITION OVERSEEING EAST ARABIA? Overseeing Africa for the last decade has been a masterclass in resilience, innovation, and human potential for me. The most important lesson I have brought with me is that innovation scales globally only when trust is built locally. While foundational payment technologies can be seamlessly deployed across borders, consumer touchpoints must be tailored to the unique economic fabric of local communities. By supporting homegrown fi ntech ecosystems and aligning closely with national agendas, we can drive truly inclusive and sustainable growth. In Africa, I have seen interoperability become the foundation of inclusion, and the same principle applies here across East Arabia. Creating interoperability requires improving connectivity, building synergies, and designing alignment among very diff erent entities. This connectivity can bring together multiple tech, data, regulatory, and fi nancial ecosystems. Interoperability can also promote healthy competition and increase the economic viability of service off erings by reducing costs and unlocking economies of scale. HOW IS MASTERCARD USING GLOBAL INTELLIGENCE TO MITIGATE CYBER CRIME? We use global intelligence gained from protecting the billions of transactions we process on our network every year to equip our partners with advanced cybersecurity and fraud prevention tools. For instance, our RiskRecon solution continuously monitors and acts on cyber risk from third parties, while Recorded Future, acquired by Mastercard in 2024 connects the dots across millions of sources to deliver the most comprehensive and unbiased threat intelligence in real time. We are also using GenAI to supercharge consumer protection with Decision Intelligence Pro that has the potential to improve fraud detection by up to 300%. Collaboration and shared insights are essential to boosting cyber resilience in today’s rapidly evolving threat landscape. At Mastercard, we are committed to working closely with our partners across the public and private sectors to strengthen trust in the digital economy. We have teamed up with the CSC to build trust in the UAE’s digital ecosystem by sharing global best practices and supporting the development of forward looking cybersecurity policies. This January, we published a joint report that provides an in-depth analysis of the country’s cyber threat landscape. We also recently co-hosted the ‘Cyber Threat Intelligence’ webinar that examined the latest cyber risks and explored ways of driving operational resilience. In addition, we are collaborating with Dubai Police to raise public awareness about fi nancial and economic crimes and promote the exchange of insights and expertise. WHAT DOES TOKENISATION MEAN FOR EVERYDAY CONSUMERS? Tokenisation replaces your 16-digit card number with a secure, unique digital identifi er; a token. Because your actual card details are never exposed, if intercepted, the data is just a meaningless string of characters. It brings the security and simplicity of a physical contactless tap to the online world. For shoppers, this means a fast, frictionless, and safe checkout, while for merchants, it translates to reduced cart abandonment and meaningful fi nancial benefi ts. According to our joint report with Checkout.com, those tokenised transactions across the payment service provider’s merchant portfolio in the Middle East and North Africa recorded 12.4 ppt higher approval rates than regular card transactions last year. Globally, Checkout.com’s merchants saw a 49% reduction in fraud-related chargebacks and a 7.2% boost in gross sales revenue thanks to tokenisation. These are tangible results that help businesses thrive. According to Checkout. com’s data, tokenisation adoption across MENA grew by almost 345% year-on-year, making it one of the fastest growing regions in the world for tokenization. Today, Mastercard has more tokens enabled for digital payments than physical cards in circulation, processing over a billion tokenised transactions globally each week. Building on this momentum, our vision is to phase out manual card entry entirely, achieving 100% tokenisation for e-commerce transactions on our network by 2030. By combining tokenisation with seamless Mastercard is bringing security and simplicity by using GenAI in fraud detection By supporting homegrown fi ntech ecosystems and aligning closely with national agendas, we can drive truly inclusive and sustainable growth FME_Jun2026_22-29_Cover story _13893162.indd 28FME_Jun2026_22-29_Cover story _13893162.indd 2830/06/2026 15:2230/06/2026 15:22PARTNER CONTENT fi nancemiddleeast.comJune-July 2026 | 29 biometric authentication, we are ensuring that the future of online commerce is universally safe, simple, and completely frictionless. HOW IS MASTERCARD LEVERAGING GLOBAL EXPERTISE AND BEST PRACTICES TO EQUIP CUSTOMERS WITH ADDED KNOWLEDGE AND SKILLS? Over three decades ago, we established Mastercard Academy that provides payment professionals with limitless learning at their fi ngertips, delivered by more than 150 top-tier experts. To date, Mastercard Academy has hosted live training sessions for over 42,000 attendees, conducted more than 7,000 trainings, and achieved 90% customer satisfaction. We continuously update our training to refl ect the latest trends in this ever-evolving industry. Last year, we brought Mastercard Academy to the region with the launch of the Mastercard Eastern Europe, Middle East and Africa Academy Hub in Doha, creating a learning and innovation ecosystem powered by Mastercard and world- class business schools. We aim to equip fi nancial industry professionals from across the region with highly sought-after knowledge and skills that will enable them to take their careers to the next level. This way, we contribute to fostering a highly qualifi ed workforce that can assume an active role in shaping a thriving digital ecosystem. The Hub supports the objective of the Qatar National Vision 2030 to develop a dynamic and sustainable knowledge-based economy, built on innovation, diversifi cation, and resilience. We have signed up HEC Paris, the world’s top-ranked business school for executive education, as the offi cial academic collaborator for our executive education programs under the Hub, starting with the Mastercard Fellowship Program in Artifi cial Intelligence. LOOKING AHEAD, WHAT ARE THE KEY EMERGING RISKS THAT LEADERS SHOULD BE FOCUSED ON TO ENSURE THE FINANCIAL SYSTEM REMAINS RESILIENT? FROM YOUR PERSPECTIVE, HOW PREPARED IS THE GCC TO RESPOND TO A MAJOR DISRUPTION? The region is witnessing such a disruption right now and it has proven that it is very well-prepared. As economies become more connected, trust becomes essential. The rapid expansion of digital payments and services has unlocked opportunity but also heightened risk. Therefore, resilience depends on secure infrastructure, real-time intelligence, and strong collaboration to ensure that commerce remains seamless and protected. For more than four decades, Mastercard has been working alongside the region’s governments, banks, fi ntechs, and merchants to help build a commerce ecosystem designed to withstand disruption. The region has been a launchpad for innovation – from scaling contactless payments at a national level, to advancing real-time payment capabilities and pioneering secure digital solutions that enhance trust. In many ways, the region has not just adopted the future of commerce, it has helped defi ne it. There is no doubt that 2026 represents a new reality for the Middle East. But the region’s story is not being defi ned by disruption. It is being defi ned by something far more powerful: a commerce ecosystem built to keep moving, no matter the circumstances. Mark Elliott is the Division President for East Arabia, leading the expansion of payments, the extension of services, and the adoption of new networks across the region. He is responsible for the overall performance, strategic direction, and brand development of the East Arabia Division. Mark brings extensive experience building high performing leadership teams and strong executive partnerships. He also has a strong track record of serving in trustee and board level roles, supporting initiatives that deliver lasting community impact. Prior to his current role, Mark served as Division President for Africa, where he played a pivotal role in advancing digitization, strengthening commercial performance, and supporting growth across a diverse set of markets. The region has not just adopted the future of commerce, it has helped defi ne it Mark Elliott discusses Mastercard’s role in building trusted digital infrastructure across the region FME_Jun2026_22-29_Cover story _13893162.indd 29FME_Jun2026_22-29_Cover story _13893162.indd 2930/06/2026 15:2230/06/2026 15:22Next >