Global payments powerhouse Mastercard has announced an expansion to its long-standing partnership with Citi. The two firms will look to support small businesses and local residents through more comprehensive public-private sector collaboration.
Through Mastercard’s partnership and co-creation structure, City Possible, the two financial firms will use their expertise, resources, and integrated urban development frameworks to further build the City Possible network. In addition, the partnership will allow City Possible network constituents to utilise “Citi Start Saving” and “City Builder by Citi” via Mastercard’s City Insights Digital Marketplace.
Miguel Gamino, Executive Vice President, Enterprise Partnerships and Head of Global Cities and City Possible, commented:
Cities need to think about how to adapt to a digital world in a way that leverages technology to bring more people into the digital economy.
Partners like Citi allow us to continue to expand the range of solutions we can provide to the City Possible network, which has already played an important role in helping to build more inclusive communities.
Citi’s ‘Start Saving’ programme provides U.S. municipal and nonprofit organisations the opportunity to increase their access to financial services and build economic progress in underserved and low-income communities. In addition, Citi’s ‘City Builder’ is a data-driven platform that is free to use and provides data on community investment possibilities, holding knowledge on 73,000 census regions, 16,000+ U.S. towns, 485 community development schemes, and 180 funds and community improvement entities.
The two companies will also investigate measures to help city leaders build more effective procurement methods and look at ideas to support an inclusive recovery via joint payment solutions.
Mastercard and Citi already have a long-standing partnership that works on bringing solutions to corporations worldwide.
Andy Taylor, Managing Director of North America Public Sector Group at Citi, said:
Technology is interconnecting cities like never before, and Citi has been focused on solutions to enhance the urban experience for citizens, government and corporations alike.
Partnering with Mastercard will accelerate these endeavors and generate new thought leadership across the City Possible network.
Having gained a degree in economics, Alan entered the world of financial services starting his career in London and then moving to New York for a number of years. His first post at a City bank saw him establish a reputation as an forex trader. Having recently returned from New York after eight successful years, Alan is now a prosperous trader in his own right concentrating on commodities and forex.