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Mastercard made a new executive appointment to have someone who will lead an entire region. On Monday, the financial firm announced that Choi Dong Chun has been tasked to be the division president not just in South Korea and three other territories but the whole of Northeast Asia.
Currently, Choi is also the head of Mastercard operations in Korea. He has also been managing the company's business in Macau, Taiwan, and Hong Kong since September 2017.
As per The Korea Times, the newly-appointed leader will be responsible for all facets of Mastercard's business across the Northeast Asian markets. His work includes bolstering business partnerships and alliances, amplifying brand awareness, and promoting the use of its cards and digital payment solutions.
Choi was first hired at Mastercard in the year 2003 and has been working as division president for the company's Korean unit since 2008. The global card issuer revealed that the new division president for its Northeast Asian operations is planning to build up Mastercard's services, especially the credit and debit card payments, data and security, and consulting. Moreover, Choi Dong Chun is also expected to focus on technologies and innovations related to wiring services and payment methods.
As posted on Mastercard's website, prior to joining the company, Choi held various roles in several firms, including the Ilshin Investment Company, where he was a private equity investor, a consultant at McKinsey and Company, and worked as an investment banker at Salomon Smith Barney.
Choi Dong Chun graduated from the Korea University in 1994 and continued his studies to earn his MBA degree from Kellogg Business School of Northwestern University in 2000
Meanwhile, Nasdaq reported that Mastercard is also aiming to expand in the Middle East and North Africa (MENA) region; thus, it has teamed up with Musafir, a fast-growing travel website in India. The company signed a tie-up with the said company to ramp up the travel sector in MENA by introducing technologically-advanced payment products and solutions that will enhance travel bookings.
This partnership also comes at the most opportune time for the New York-headquartered credit and debit card issuer. This is due to the fact that a significant increase in travel is likely to happen this year as COVID-19-related restrictions are slowly being lifted or eased up. As a result, the demand for travel is expected to return to the pre-pandemic era level.
