Mastercard unites technology leaders to launch Tech for Good Partnership

By Pavithra R

Mastercard has joined forces with leading financial services and technology providers to launch the Tech for Good Partnership, a private sector agreement to accelerate digital and financial inclusion in the Latin America and Caribbean region.

The Tech for Good Partnership pledges to use resources, assets, and expertise that will help to prioritize digital and financial inclusion efforts in the wake of COVID-19 pandemic. Founding partners include Banks: Banco Galicia, Citibanamex, Bancolombia; and FinTechs: Mercado Libre and PayPal.

The Partners in its initial activities will focus on developing concrete initiatives in specific markets to expand essential financial services like disbursements of much-need financial aid, long-standing access to credit, and educational resources and tools to the millions of Latin Americans who are currently vulnerable. Over time, the Partners have plans to share best practices and initiative outcomes with a broader financial services industry for the betterment of the ecosystem, via organized virtual events, white papers, and publications, among others.

The alliance between these companies was mainly inspired by the CEO Partnership for Economic Inclusion (CEOP) and extends the objectives, learnings and efforts first established by the global CEOP into the region.

“Technology has the power to change the reality for the millions of individuals and businesses unprepared to meet today’s challenges. As the digital economy grows exponentially, the role of businesses must also grow to unite the best minds, resources and efforts with a singular focus: to build an inclusive economy in the region. This can be a game-changer for so many,” said Carlo Enrico, President, Mastercard Latin America and Caribbean.

Earlier this year, Mastercard pledged to connect a total of 1 bn people and 50 mn micro and small businesses into the digital economy by 2025. As part of this effort, the company is looking forward to giving direct focus on providing 25 mn women entrepreneurs with solutions that can help them bolster their businesses. The Tech for Good Partnership will play a crucial role in working towards achieving this global goal.

“As individuals and small businesses navigate the health and economic implications of the pandemic, they are in need of digital financial tools that put them on a path towards long-term financial security. The idea behind the Tech for Good Partnership is that leaders in the private sector can come together and harness their best assets – tools, technology, insights and expertise – in order to put the digital economy to work for individuals and small businesses in the region. We look forward to working with all of our partners during a time when innovation and digital solutions are needed more than ever,” said Mike Froman, vice chairman of Mastercard.

Recently, Mastercard announced $500 mn commitment for black communities across America.

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.