Mastercard says the new hub is staffed by dedicated teams accelerating innovation beyond payments using new technologies and creative capabilities.
It also says the state-of-the art facility will serve as a collaboration centre for the company and its partners, “providing a dedicated space to innovate with and for our customers, and design, build and test solutions”.
As previously announced in iTWire, AI, machine learning and cyber security are a key focus of the new Tech Hub, with the facility forming 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 Australasia, Mastercard said, “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.
“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,” Ed McLaughlin, president, Operations and Technology, Mastercard, said.
Speaking on the launch of the Tech Hub, NSW Treasurer Dominic Perrottet said, "The NSW Government is working very hard to promote innovation, adopt new technology and accelerate growth and investment. 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 NSW.
“During the past five years, Mastercard has made important acquisitions in technology and services in Australia and across the globe, that have supported its transition from a payments company to an innovative payment technology and services provider.
“As Mastercard broadens 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.”