By: Staff Writer
Colombo (LNW): Mastercard – a Global Technology Company in the payments for goods and services benefiting people, businesses & governments for safe financial transactions has partnered with the Colombo Port City Economic Commission for Port City development.
A Memorandum of Understanding (MoU) was signed by the two entities to collaborate by leveraging Mastercard’s City PossibleTM platform for the development of Port City Colombo, an export-oriented, multi-service-focused Special Economic Zone.
Mastercard‘s global expertise and solutions will play an important role in contributing technological insights on digital payments, among other possible digital solutions for a digitally inclusive ecosystem within Port City Colombo.” commented, Dinesh Weerakkody – Chairman, Colombo Port City Economic Commission.
Colombo Port City Economic Commission envisions positioning Port City Colombo, as a modern, sustainable, Smart City, and a future investment hub.
Mastercard’s global City PossibleTM network is an innovative initiative pioneered by Mastercard, which brings together experts, organizations, and cities to create tailored solutions that promote more inclusive and sustainable urban development.
To date, City Possible with its unique solutions has benefitted communities worldwide, ensuring cities are more inclusive and sustainable.
City Possible will collaborate with the Colombo Port City Economic Commission to explore new models in urban innovation for Port City Colombo.
The partnership will leverage businesses, academia, and strategic partnerships, to help the Port City Colombo in becoming more connected and resilient.
Further, Mastercard will leverage its extensive global experience to address challenges related to governance, urban mobility, digital payments, and cyber security, using its cutting-edge technologies and best practices from across various global markets.
The MoU also aims to explore areas of collaboration for digital insights platforms, unique solutions such as City Key and consultancy services to help Port City Colombo thrive and grow.
“The objective of the Port City is to create a vibrant business district in Colombo to appeal to the region and on a global scale, more importantly to foster global investments, spur innovation, and create new employment opportunities, ultimately enhancing Sri Lanka’s competitiveness on the international stage.
Aligned to these goals, Mastercard is delighted to partner with Colombo Port City Economic Commission to onboard Port City Colombo as part of City Possible initiative.
It supports the special economic zone in advancing inclusive and sustainable urban development and adapts to create a more inclusive digital world,” said Sandun Hapugoda – Country Manager Mastercard Sri Lanka and Maldives.
