Leading The Charge: Mastercard’s J.K. Khalil

When J. K. Khalil looks at the UAE, Qatar, Kuwait, Oman, and Pakistan, the five markets under his remit as Executive Vice President and Division President for East Arabia at global payments pioneer Mastercard, he doesn’t see a uniform landscape. But he does identify a defining trait that cuts across their differences and connects them all—and that’s a daring readiness to challenge the status quo.

“The golden thread that connects the countries of East Arabia is an appetite for disruption driven by technology,” Khalil points out. “These markets are all embracing a digital future, while a rise in fintech and the accelerated integration of artificial intelligence (AI) to transform commerce are opening new opportunities for people and businesses.”

It’s a dynamic landscape, sure—but it’s one that Khalil believes Mastercard is well-equipped to serve.

“At Mastercard, we have been spearheading innovation in the region’s payments landscape for almost 40 years, powering economies and empowering people,” Khalil notes. “We provide products, platforms, and services that enable a superior digital experience and drive financial inclusion. Our customers have shown keen interest in embracing the latest payment solutions, powered by advanced technology. With our strong understanding of local market trends and the ability to develop innovative, seamless, and secure offerings, we at Mastercard are leading the region’s digital transformation.”

Having thus been tasked with driving Mastercard’s divisional strategy across the aforementioned markets, Khalil states that his focus is on building robust payment ecosystems, driving innovation, and enhancing financial inclusion in East Arabia. He is also responsible for cultivating strategic partnerships with a wide range of local and regional players and stakeholders—from banks, government entities, telcos, and fintech companies to e-tailers, digital service providers, mobility platforms, food delivery companies, and travel websites.

J. K. Khalil, Executive Vice President and Division President for East Arabia at Mastercard.

“The most exciting part of working at Mastercard is the continuous learning about all the disruptive technologies driving change in our industry, being at the forefront of innovation, and dynamically managing and navigating the evolving, challenging landscape,” Khalil says. “My role empowers me to take an active role in shaping the future of payments and beyond. Being able to contribute to harnessing the power of the latest technologies to build and influence a connected, inclusive, and sustainable world that works for everyone is priceless to me.”

Now, the space that Khalil operates in is one that has changed massively in recent years. “Payments are evolving at a more rapid pace than ever,” he points out. “Think of the giant leap they have made during our lifetimes. We have seen phones turn into mobiles and then into digital commerce devices, and some of us now even leave our wallets at home, as cash and physical cards have become a thing of the past. In a world where the physical and digital realms increasingly intersect, we are headed towards the interchangeability of digital assets and currencies, enabling new forms of value creation and exchange, while transforming payments as we know them.”

Embedded finance—which refers to the integration of financial services, like payments, lending, and insurance, within non-financial platforms—is one such sector-specific innovation that Mastercard has especially been focused on. According to Khalil, embedded finance serves as a destination point for delivering seamless payment experiences, eliminating the need for third-party sites or applications—as he puts it: “Users don’t see embedded finance, but they feel its benefits.”

Reports note that the Middle East and Africa are experiencing a surge in embedded finance adoption, with a projected compound annual growth rate of 27.5 percent between 2024 and 2029, and revenues projected to rise from US$13.43 billion to $45.22 billion over that time.

“Perhaps the most important benefit of embedded finance is its positive impact on financial inclusion,” Khalil adds. “The World Bank estimates that 31 percent of adults in the MENA region lack an account at a formal financial institution. Embedded finance drives financial inclusion by providing access to financial services through familiar platforms.”

Embedded finance is also representative of an advancement in tech—Khalil points out that it is a critical enabler of the internet of things (IoT). With Hogan Lovells predicting that the number of IoT-enabled devices worldwide will grow beyond 75 billion this year, Khalil believes that this will fuel a hitherto unseen variety of innovative user experiences.

But it’s not just about the tech, he adds. “Embracing embedded finance is not just about keeping up with the latest trends; it’s about supporting the communities we serve,” Khalil explains. “At Mastercard, we believe the future of the global financial system lies in embedded solutions that meet people where they are. That’s why we are helping embed financial services into apps with [regional] partners like e&, Careem, ABHI, and egabi FSI.”

In line with the regional ecosystem’s broader shift toward smarter, more inclusive finance, Khalil points out that Mastercard is also doubling down on open banking.

“The region is witnessing a push for open banking that relies on secure, efficient, and seamless communications networks to share information between stakeholders in the financial sector,” he explains. “This creates a large pool of common data that banks, fintech companies, ultra-apps, and other digital innovators can use to develop new solutions tailored to their customers’ needs, helping fuel a revolution in financial services. The UAE is making great strides in implementing open banking regulations, while Qatar is preparing a framework for release by 2026.”

Tokenization is another trend that Khalil believes is going to have a significant impact on the region’s payments landscape. By replacing sensitive data—like card numbers, for instance—with anonymized tokens, it is, according to Khalil, all set to play an integral role in addressing one of the biggest challenges in digital payments: building trust between parties that don’t know and can’t see each other.

“Across industries, tokenization is driving innovation, unlocking new capabilities, and enabling more secure value exchange,” Khalil says. “It’s not just an encryption tool; it’s a confidence-enhancing standard that empowers banks, merchants, digital platforms, and fintech companies to create new business models. That’s why we at Mastercard envision a token economy—a secure, thriving marketplace for digital interactions, and a foundational pillar of future commerce.”

And then, of course, there’s AI. It’s virtually impossible today to have a conversation about innovations defining the future without mentioning AI—however, Khalil says that it’s been a part of the chatter at Mastercard for a much longer while than with most of us.

“At Mastercard, we have been using AI for more than 20 years, and today, it is embedded in everything we do,” he reveals. “We view it as the fuel powering our offerings to our customers. We are leading the way in utilizing AI, and we are ramping up our investments in AI governance, technology, and talent. For example, this transformative technology allows us to protect the over 125 billion transactions that we process on our network every year. We are using AI as part of our Brighterion fraud prevention solution, which we have made available to over 60,000 merchants across the region through [UAE-based] Network International.”

Khalil also highlights that AI plays a key role in analyzing the billions of data points that Mastercard has at its disposal today.

“Our AI-driven insights help our clients make better decisions, uncover whole new target customer segments, solve business challenges, optimize processes, and drive efficiencies and cost savings,” he explains. “Last year, we announced the global launch of Decision Intelligence Pro, a next-generation technology solution based on generative AI that has the potential to improve fraud detection by up to 300 percent, supercharging consumer protection. We look forward to bringing this game-changing proposition to our customers in the region.”

Mastercard has also been keen to share its experience and expertise in the AI domain with the ecosystem at large.

“To enhance AI capabilities and readiness in the region, we opened the Center for Advanced AI and Cyber Technology in Dubai in partnership with the UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office,” Khalil reveals. “The initiative supports the UAE National Strategy for Artificial Intelligence 2031 that seeks to position the country as a global leader in AI. As part of the Center’s activities, we launched the AI Startup Challenge last year in collaboration with [Abu Dhabi-based] First Abu Dhabi Bank (FAB). The competition invited startups to propose innovative AI-driven solutions across several areas with the aim of fueling the growth of the UAE’s thriving AI ecosystem.”

Mastercard’s support for startups in the AI space builds on its long-standing commitment to empowering small businesses across the board. This is especially of note in the Arab world, given that small and medium enterprises (SMEs), as per the International Monetary Fund, account for 96 percent of the registered companies in the region.

“However, SME access to finance in the region is the lowest in the world,” Khalil highlights. “They account for only seven percent of total bank lending. Other main challenges SMEs in the Middle East face include predominant use of cash, infrastructure limitations, and intermittent power supply. Evolving consumer needs and expectations are also changing the operating landscape for the region’s SMEs. According to a report by [global professional services firm] Deloitte, businesses with higher digital transformation maturity have the potential to increase their revenue on average by 45 percent.”

This is why, in 2020, Mastercard pledged to connect 50 million micro, small, and medium enterprises (MSMEs) worldwide to the digital economy by 2025—and Khalil proudly points out that the company achieved its target one year ahead of the deadline. “At Mastercard, we provide digital payment solutions for startups and SMEs that enable them to pay and get paid quickly and securely, expand their reach, and deliver a seamless experience for their customers,” Khalil notes. “We continue to modernize experiences so entrepreneurs can focus on what matters most: running their businesses.”

This vision has taken shape through a range of on-the-ground initiatives across the region. Consider, for instance, the myPOS tap-on-phone service that Mastercard rolled out in Qatar in collaboration with one of the country’s leading financial institutions, Qatar National Bank, which enables MSMEs to accept payments through smartphones.

Similarly, to help small businesses streamline operations and cut costs, Mastercard offers a business subscription management platform powered by its Bengaluru-based tech partner, Nuclei.

“Another practical solution is our co-branded credit card with [Dubai-based entities] DP World and Emirates NBD that facilitates payments for shipments at the port for small businesses in the trade and logistics sector,” Khalil adds. “We are also expanding access to credit for SMEs through our collaborations with financial institutions and fintech partners, such as [UAE-based fintech] Geidea.”

Beyond product solutions, Mastercard has also invested in broader efforts aimed at strengthening the region’s entrepreneurial ecosystem. One example in this regard was the ScaleUp platform, which it established in partnership with UAE-based logistics company Aramex as part of The Entrepreneurial Nation, an initiative launched by the UAE Ministry of Economy in 2021 to help create 20 homegrown unicorns within a decade. Through ScaleUp, startups and SMEs in the UAE were able to pitch their ideas to compete for AED250,000 ($68,000) in prizes, while also connecting with investors and gaining access to tailored business support.

“We have also partnered with [UAE-based financial center] Abu Dhabi Global Market (ADGM) to digitize SME payment flows,” Khalil continues. “In addition, we work to equip SMEs with the tools and knowledge they need to succeed. Last year, we joined forces with ADGM to launch an SME-focused business education program. We have also curated The Entrepreneur’s Odyssey for the MSME community—this first-of-its-kind digital education platform brings together a range of world-class academic and business resources to help small businesses learn and thrive.”

Khalil also notes that, at a structural level, Mastercard’s work in the region isn’t limited to product innovation or startup engagement—it’s also about helping shape the infrastructure of tomorrow’s economy. And that requires close collaborations with the public sector.

“At Mastercard, we serve as a trusted partner, technology provider, and policy advisor to governments,” Khalil shares. “We help them shape a secure and balanced regulatory environment that ensures fair and healthy competition while promoting innovation, effective scaling of digital infrastructure, and more consumer choice. We are also helping governments connect more people and businesses to the digital economy. This contributes to boosting economic activity and enhancing citizen welfare, leading to the development of sustainable communities and happier, smarter cities.”

As an example, Khalil points to Mastercard engineering a first-of-its-kind public-private partnership with Buna, the Arab regional payment system founded by the Arab Monetary Fund in 2018. Buna is a cross-border payment system with the mandate to support economic and financial integration between Arab countries, while expanding trade and investment activities with global trading partners. Businesses and consumers paying into and out of the MENA region can now benefit from faster, cheaper, and more transparent cross-border payments via Mastercard Move, its comprehensive portfolio of money movement capabilities.

But that’s not all.

“In the UAE, we joined forces with Al Etihad Payments, a wholly owned subsidiary of the Central Bank of the UAE that operates the national card switch (UAESWITCH), to introduce the Jaywan Mastercard co-badged debit and prepaid cards,” Khalil shares. “In addition, we launched the Digital Partnership Program with the Abu Dhabi Investment Office that seeks to leverage our world-class payment infrastructure to boost Abu Dhabi’s economic growth and enhance government service excellence.”

Of course, shaping the future of finance isn’t just about working with governments. The private sector is an equally critical pillar—and one that Mastercard continues to engage at scale.

“In an evolving digital financial services ecosystem with an influx of players, we are the single technology provider of choice,” Khalil says. “We enable organizations of all kinds—fintech companies, telcos, e-tailers, digital service providers, mobility platforms, food delivery companies, and travel websites—to get closer to their customers, offer more diverse services, and digitize supply chains. This allows them to unlock a whole new world of efficiencies.”

Here, Khalil highlights Mastercard’s long-term strategic partnership with Doha Bank, one of Qatar’s leading financial institutions. In addition to growing its business in cards and digital payments, Mastercard’s expertise in digital solutions is being used to support Doha Bank’s strategic transformation process in line with its internal roadmap titled “Himma.” That alignment with institutional priorities, Khalil notes, is mirrored in Mastercard’s work to help Qatar build a resilient, future-ready financial sector.

“In March, we announced the launch of the Mastercard Academy Hub in Doha that will open its doors later this year with the aim of enhancing skill sets across the local and regional financial industry,” he says. “In line with the objectives of the Qatar National Vision 2030, we are working to create a learning and innovation ecosystem powered by Mastercard and world-class business schools.”

Fintech innovators also fall under Mastercard’s purview, Khalil adds. “At Mastercard, we collaborate with fintech companies to co-create disruptive solutions that solve pain points for businesses and consumers,” he explains. “We offer access to our partners, expertise, technologies, markets, network, and customers so fintech players can build, launch, and grow with agility and speed. To simplify how we work with fintech companies, we launched Mastercard Accelerate, a global single-entry point to our wide portfolio of specialized programs. We have four initiatives within Accelerate, catering to SMEs at different stages of their life cycle: Mastercard Developers, Mastercard Engage, Mastercard Fintech Express, and Mastercard Start Path.”

One of Mastercard’s success stories in this space can be seen in the UAE, where it joined forces with FAB and its Dubai First brand to bring Dubai-based startup Keyper’s one-of-a-kind rent now, pay later solution to the bank’s customers. “We are also working with our partners to create an enabling environment for fintech innovation,” Khalil adds.

“Together with the UAE government, we are establishing dedicated ecosystems that offer fintech companies the opportunity to develop, test, and scale their solutions in a controlled, supportive environment. Prime examples include the pioneering ADGM RegLab and the Dubai International Financial Centre (DIFC) Innovation Hub, the largest innovation community in the region. In addition, we are collaborating with FAB on FAB Forward, a competition that invites later-stage fintech startups to develop pioneering solutions to pressing financial challenges. In Qatar, we are exploring the creation of a Fintech Innovation Lab with the Qatar Financial Centre (QFC) Authority, catering to financial institutions, fintech players, and other financial services companies.”

Now, while Khalil operates in a region where innovation is being driven at both policy and platform levels, his leadership approach stays grounded in something more fundamental: people.

“As a leader, I believe in the greater purpose of my work, and that is having a positive impact on people’s lives, economies, and societies,” Khalil says. “I’m also very solution-oriented, I have a consultative mindset, and I care deeply about creating a positive work environment that cultivates a culture of entrepreneurship. You can call it an approach of ‘structured agility’ that is rooted in the north star of our strategy at Mastercard, and that harnesses the power of our innovations against the backdrop of the evolving landscapes.”

Khalil’s ethos is therefore an echo of Mastercard’s mission— impact-driven and future-facing, with transformation at its core. And in a region racing toward the future, Khalil isn’t just keeping up—he’s setting the pace.

Pictured in the lead image is the Executive Vice President and Division President for East Arabia at global payments pioneer Mastercard, J. K. Khalil. Image courtesy Mastercard.

This article first appeared in the May/June 2025 issue of Inc. Arabia magazine. To read the full issue online, click here.