Mastercard and Colombo Port City Economic Commission sign Memorandum of Understanding for City Possible™

Mastercard and Colombo Port City Economic Commission announced the signing of a Memorandum of Understanding (MoU) to collaborate by leveraging Mastercard’s City PossibleTM platform for the development of Port City Colombo, an export-oriented, multi-service-focused Special Economic Zone. Colombo Port City Economic Commission envisions positioning Port City Colombo, as a modern, sustainable, Smart City, and a future investment hub.

Mastercard’s global City PossibleTM network is an innovative initiative pioneered by Mastercard, which brings together experts, organizations, and cities to create tailored solutions that promote more inclusive and sustainable urban development. To date, City Possible™ with its unique solutions has benefitted communities worldwide, ensuring cities are more inclusive and sustainable.

City Possible™ will collaborate with the Colombo Port City Economic Commission to explore new models in urban innovation for Port City Colombo. The partnership will leverage businesses, academia, and strategic partnerships, to help the Port City Colombo in becoming more connected and resilient.

Further, Mastercard will leverage its extensive global experience to address challenges related to governance, urban mobility, digital payments, and cyber security, using its cutting-edge technologies and best practices from across various global markets. The MoU also aims to explore areas of collaboration for digital insights platforms, unique solutions such as City Key™ and consultancy services to help Port City Colombo thrive and grow.