Ann: Mastercard and Identitii sign five-year agreement, page-31

I think the MSA is for MasterCard to use in its own business. MSA’s set out the terms where the respective parties intend on entering a number of future agreements down the track. So my reading is that ID8 has entered into an agreement (MSA) with MasterCard international (parent entity) so that ID8 can enter into agreements with various MasterCard International subsidiary businesses/companies globally. The terms of these agreements will be the same as what is agreed in the MSA (which means ID8 doesn’t need to negotiate new terms with each MasterCard subsidiary business that will use Overlay+).