Mastercard, a leading global payments and technology company, has announced a new partnership with HSBC to accelerate sustainable urban development.
According to a statement on Thursday by the company, through City Possible, Mastercard’s partnership and co-creation framework for cities, the two global leaders will bring their collective resources, expertise, and integrated urban development frameworks to the City Possible network.
The company explained that its partnership with HSBC was to develop an approach to green financing around sustainable infrastructure projects in net zero cities across the globe.
“This is about doing what we can right now to set people up for success in the long run,” Ajay Banga, Chief Executive Officer at Mastercard, said.
“When cities are built to help people thrive, the world thrives. We have to see the bigger sustainability picture and work towards it—with the public and private sectors working together to enable innovation, extend supply chain reach and open access to capital.
“Partners like HSBC will allow us to continue to scale and expand the City Possible network, which has already played an important role in helping to build more inclusive and resilient communities,” Banga added.
Commenting, Mark Tucker, Chairman of HSBC said, “Cities worldwide will face a post-COVID-19 challenge that will spur urban innovation and digital transformation.
“HSBC is committed to sustainability. Partnerships like Mastercard’s City Possible will help to ensure that cities of the future adapt to health imperatives while advancing sustainable economic growth.”
The HSBC and Mastercard partnership is expected to focus on how cities and their suppliers are adjusting to COVID-19 and addressing the imperative for resilience, sustainability, and inclusion.
It is also expected to focus, among others, greater interaction between business clients and municipal/regional/national governments to drive innovation and spur demand for green financing.
