Mastercard opening new Tech Hub and Innovation Centre in Sydney
The new hub is a part of a bigger plan to move beyond payments and into innovative technology.
Fintech is about to have a new home in Sydney. Mastercard has announced that it will launch its latest Global Tech Hub and Innovation Centre in St Leonards in mid-2018. All 560 Sydney-based Mastercard employees and businesses will relocate to the new premises, which will also offer technology and innovation services to partners around the world.
The announcement is one of many steps in Mastercard’s strategy to move beyond payments and into new areas of big data, cybersecurity and other elements of the mobile world. This is part of the company’s larger plan to redefine itself as an organisation invested in tech rather than just payments.
“Over the past five years, Mastercard has made important acquisitions in technology and services that have helped it gain momentum towards its vision of becoming an innovative technology and services leader,” said Richard Wormald, division president of Mastercard Australasia.
As such, the new Mastercard HQ in Sydney will have dedicated technology teams to boost innovation across budding areas including artificial intelligence, machine learning and cybersecurity. It aims that this will give Mastercard an advantage in developing tailored solutions for its partners.
“As the Internet continues to reshape the payments industry and create new opportunities, business must evolve their offerings to keep up with new demands. Mastercard is leading the way, acquiring assets that place innovation at the core of our offering,” said Wormald.
Some of these acquired assets include fintech start-ups such as Start Path, DataCash and PinPoint.
The new Sydney hub will complement Mastercard’s key technology centre in Brisbane as well as the hubs in St. Louis, New York, India and Dublin.