Mastercard Launches Partnership with HSBC to Promote More Sustainable and Inclusive Communities
September 10 2020 - 12:01AM
Business Wire
Mastercard today announced a new partnership with HSBC to
accelerate sustainable urban development. 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.
Since its inception, City Possible has facilitated a framework
where members can draw on the collective expertise and resources of
all stakeholders in order to replicate innovative solutions that
address urban challenges. City Possible works to foster
collaboration and co-creation, drive inclusive economic
development, and build more resilient communities.
HSBC has an extensive track record in developing financial
products that support a more sustainable future. It is a global
finance provider to companies worldwide that deliver the full
spectrum of city systems and urban services, as well as providing
personal banking for millions of city citizens - a client base that
helps to provide the services that make cities work in more than
300 cities around the world.
Expanding upon the global alliance to mobilize transit financing
launched last fall, Mastercard will partner with HSBC to develop an
approach to green financing around sustainable infrastructure
projects in net zero cities across the globe. HSBC brings decades
of experience in developing, financing, and managing urban
development projects to the partnership.
“This is about doing what we can right now to set people up for
success in the long run,” commented Ajay Banga, Chief Executive
Officer at Mastercard. “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.”
“Cities worldwide will face a post Covid-19 challenge that will
spur urban innovation and digital transformation,” said Mark
Tucker, Chairman of HSBC. “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 will initially focus on:
- How cities and their suppliers are adjusting to Covid-19 and
addressing the imperative for resilience, sustainability, and
inclusion.
- The expansion of the network to include more of the locations
where HSBC is active and more of the business clients that provide
city systems and urban services.
- Greater interaction between business clients and government
entities to drive innovation and spur demand for green
financing.
Today’s announcement builds on Mastercard’s pioneering work to
advance sustainable payment solutions with the aim of making a
sustainable choice the preferred option for all financial
institutions worldwide.
HSBC joins a diverse set of leading academic and industry
partners from around the world including the Technology and
Entrepreneurship Center at Harvard University (TECH), several large
corporations, in addition to the community of over 180 global
cities.
For more information about City Possible, visit
www.citypossible.com.
This fall, HSBC and Mastercard are collaborating on a joint
webinar series entitled “HSBC Mastercard Power of Partnership –
Building Back Better” which will explore the impact of digital
transformation and sustainable development on urban centers of the
future. The first webinar – ‘Urban tech and digital economies fit
for the future’ – will take place tomorrow from the United Arab
Emirates.
About Mastercard
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all. www.mastercard.com
About HSBC
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. HSBC serves customers worldwide from
offices in 64 countries and territories in our geographical
regions: Europe, Asia, North America, Latin America, and Middle
East and North Africa. With assets of US$2,923bn at 30 June 2020,
HSBC is one of the world’s largest banking and financial services
organisations.
https://www.hsbc.com/our-approach/building-a-sustainable-future
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Mastercard Communications Contact Casey Jaquez, +1
212-823-1432 casey.jaquez@mastercard.com
HSBC Communications Contact Ryan Kisiel, +44 (0)20 3359
2080 ryan.j.kisiel@hsbc.com
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