Mastercard partners with HSBC to promote sustainable & inclusive communities
By Pavithra R
Mastercard announced a new partnership with HSBC to accelerate sustainable urban development. The partnership is built on HSBC’s extensive track record in developing financial products that support a more sustainable future.
City Possible, pioneered by Mastercard, is a new model of public-private partnerships that brings together a united private sector to work with cities and communities to solve system-wide challenges. Through City Possible, the two global leaders are bringing together their collective expertise, resources, and integrated urban development frameworks to the City Possible network.
Since its inception, City Possible has facilitated a framework where members leverage the collective expertise and resources of all stakeholders so as to replicate innovative solutions that address urban challenges. It works to foster collaboration and co-creation, drive inclusive economic development, and build more resilient communities.
Both Mastercard and HSBC earlier shared a global alliance to mobilize transit financing. The new partnership aims to develop an approach to green financing around sustainable infrastructure projects in net-zero cities across the globe. HSBC is bringing decades of experience in developing, managing and financing 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. 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,” said Ajay Banga, Chief Executive Officer at Mastercard.
The Mastercard and HSBC partnership will initially focus on:
- How cities and their suppliers are adjusting to COVID-19 pandemic and addressing the imperative for sustainability, resilience, and inclusion.
- The expansion of the network to locations where HSBC is active and to more business clients that provide city systems and urban services.
- Greater interaction between business clients and government entities driving innovation and spurring demand for green financing.
“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,” said Mark Tucker, Chairman of HSBC.
HSBC is a global finance provider to companies 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.
Recently, Mastercard introduced Central Bank Digital Currencies (CBDCs) testing platform.
Established since 1966, Mastercard is a global technology company in the payments industry. The firm is committed to building a more inclusive digital economy that works for everyone. The firm is also making Environmental, Social, and Governance (ESG) central to its business model.
IBSi Daily News Analysis
December 04, 2023
Saudi Arabian firms are likely to outsource cybersecurity by next year, study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage