Mastercard has opened a Global Tech Hub in Sydney, Australia, to accelerate innovation beyond payments services.
The Mastercard Global Tech Hub will house more than 550 employees. It will enable Mastercard and its partners to collaborate on designing, creating and testing new tailored solutions.
The card giant expects the Mastercard Global Tech Hub to support its foray into payment market. Furthermore, it will span across retail, government and finance industries in Australia.
Mastercard division president in Australasia Richard Wormald said: “In the next five years we will see more change in payments than we’ve seen in the previous fifty years. Australia is a unique and advanced marketplace making it the perfect bed for testing and innovating with customers.
“By closing the gap between customers, product and development, businesses of all sizes – enterprises, SMEs or start-ups – are now able to bypass legacy approaches. They can develop innovation at an accelerated pace.”
In addition, the company’s president of Operations & Technology Ed McLaughlin added that Mastercard centres across the world enable building of secure and convenient real-world technologies.
NSW Treasurer Dominic Perrottet noted: “The NSW Government is working very hard to promote innovation, adopt new technology and accelerate growth and investment. As Australia’s only global city Sydney is the doorway to the rest of the world. This new Tech Hub is another vote of confidence in the future of NSW.”