Mastercard opens Global Tech Hub in Sydney

Mastercard has opened the Australian Mastercard Global Tech Hub in Sydney this week – the first of its hubs in the southern hemisphere.

The hub's Sydney St Leonards location was chosen for its strong startup community and advanced marketplace.

It will be dedicated to accelerating payments innovation by using new technologies and creative capabilities.

"As Australia's only global city Sydney is the doorway to the rest of the world and this new Tech Hub is another vote of confidence in the future of New South Wales," comments New South Wales Treasurer Dominic Perrottet.

"The NSW Government is working very hard to promote innovation, adopt new technology and accelerate growth and investment.

The hub will house more than 550 Mastercard employees, who will work in teams to deliver the company's goal to innovate beyond payments technology.

The hub will also serve as a collaboration centre for Mastercard and its partners, providing a dedicated space to innovate with and for our customers, and design, build and test solutions.

"In the next five years we will see more change in payments than we've seen in the previous fifty years. Australia is a unique and advanced marketplace making it the perfect bed for testing and innovating with customers," comments Mastercard division president for Australiasia, Richard Wormald.

"By closing the gap between customers, product and development, businesses of all sizes – enterprises, SMEs or startups – are now able to bypass legacy approaches and develop innovation at an accelerated pace."

According to Mastercard, it has made important acquisitions in technology and services both in Australia and around the world. These investments have supported Mastercard's transition from a payments company to an innovative payment technology and services provider.

"Mastercard operates through technology centres that span the globe, enabling us to attract the best talent, work much more closely with our customers, and innovate faster on compelling, real-world technologies that are secure, convenient and relevant to consumers - merchants in their local communities," adds Mastercard president of operations - technology, Ed McLaughlin.

The company states that it will broaden its focus to look at payment opportunities in retail, government and finance industries, co-creation is essential to drive innovation and deliver integrated solutions for clients, ultimately supporting its vision of a world beyond cash.

The company also states that the new Global Tech Hub will give the company an 'unprecedented advantage' for developing and delivering tailored solutions for local and global partners.