Mastercard has announced it will "relocate its Sydney-based employees and businesses to one location in 2018. The new premises in St Leonards will become one of five Mastercard Global Tech Hub and Innovation Centres, offering technology and innovation services to partners globally".
The announcement forms part of "the Mastercard strategy to evolve beyond payments – as rapid urbanisation and new technologies foster the shift to mobile, the proliferation of big data, and a growing demand for cyber security".
Richard Wormald, division president of Mastercard Australasia, said: 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.
We're told that "the new space will have dedicated technology teams to accelerate innovation across key growth areas of artificial intelligence, machine learning and cyber security; giving Mastercard the unprecedented advantage of developing and delivering tailored solutions for local and global partners".
Kush Saxena, global chief technology officer for Mastercard, said: "Australia is the perfect location for our new Tech Hub. We are already providing our local partners with a range of innovative business solutions and by opening a hub in Sydney, we’ll be able to deliver more dedicated services and solutions more quickly than ever before and on a global scale.
"This new offering will complement the key technology centre in Brisbane and build upon Mastercard’s St. Louis, New York City, India (Pune-Vadodara), and Dublin hubs, reinforcing the business’s commitment to developing the most cutting-edge payment technologies and services."
Mastercard notes it is "working with leading Australian architects Davenport Campbell to design the new space. The design and build is due to commence this year, with Mastercard employees relocating from mid-2018".