Magazine article American Banker

MasterCard Names Two Execs to Bolster Growing Role in Asia

Magazine article American Banker

MasterCard Names Two Execs to Bolster Growing Role in Asia

Article excerpt

MasterCard International Inc. is beefing up its staff in the Asia-Pacific region, the fastest-growing part of its empire.

The New York-based company has named Donald Van Stone and Brian Thorn, both veterans of U.S. bank companies, to senior vice presidencies, reporting to James A. Cassin. at. the Singapore regional headquarters.

"These hirings are part Of a. continued commitment made in 1990 to build the MasterCard brand and support members in the Asia Pacific region," said Mr. Cassin, regional president.

MasterCard has been enjoying strong growth in the Asia-Pacific region since 1991 and says it has a 50.7% share of total cardholder volume there.

Tremendous Growth

China alone had a 261.5% increase in payment volume last year, to $30.1 billion, and was largely responsible for the association's strides in the region. China ranked second to the United States in sales volume, but its activity is boosted by corporate payments that are not comparable with most credit card network activity around the world.

Mr. Van Stone, 52, was appointed senior vice president and general manager for Southeast Asia.

He was previously president and chief executive of the Greater Austin-San Antonio Corridor Council, a regional economic development group, which serves as an international sales and marketing agency for that part of TeXas.

In his new role, Mr. Van Stone is one of six general managers who report to Mr. Cassin. He will be responsible for all of MasterCard's credit and debit card businesses in eight countries. …

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