Digital payments company Mastercard has partnered with HSBC to accelerate sustainable urban development.
The two parties will leverage Mastercard’s City Possible partnership and co-creation framework for cities to provide resources, expertise, and integrated urban development frameworks.
Mastercard will use the partnership to expand its global alliance to mobilise transit financing through developing an approach to green financing around sustainable infrastructure projects in net-zero cities.
HSBC joins a diverse set of leading academic and industry partners from around the world including the Technology and Entrepreneurship Center at Harvard University, several large corporations, in addition to the community of over 180 global cities.
HSBC will bring its decades of experience in developing, financing, and managing urban development projects to the partnership.
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.
Ajay Banga, CEO at Mastercard, said: “This is about doing what we can right now to set people up for success in the long run.
“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.”
Mark Tucker, Chairman of HSBC, adds: “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.”