HSBC Bank and technology company Mastercard have partnered to accelerate sustainable urban development worldwide, it announced on September 10.
Through ‘City Possible’, Mastercard’s partnership and co-creation framework for cities, the two entities will bring their collective resources, expertise, and integrated urban development frameworks to the City Possible network.
HSBC and Mastercard are also collaborating on a joint webinar series entitled ‘HSBC Mastercard Power of Partnership – Building Back Better’ which will explore the impact of digital transformation and sustainable development on urban centers of the future.
Since its inception, City Possible has facilitated a framework where members can draw on the expertise and resources of all stakeholders in order to replicate innovative solutions that address urban challenges.
Expanding upon the global alliance earlier to mobilise transit financing , Mastercard will partner with HSBC to develop an approach to green financing around sustainable infrastructure projects in net zero cities across the globe.
“This is about doing what we can right now to set people up for success in the long run,” commented Ajay Banga, chief executive officer at Mastercard.
“When cities are built to help people thrive, the world thrives. We have to see the bigger sustainability picture and work towards it – with the public and private sectors working together to enable innovation, extend supply chain reach and open access to capital.”
“Cities worldwide will face a post Covid-19 challenge that will spur urban innovation and digital transformation,” said Mark Tucker, chairman of HSBC. “Partnerships like Mastercard’s City Possible will help to ensure that cities of the future adapt to health imperatives while advancing sustainable economic growth.”
The HSBC and Mastercard partnership will initially focus on:
· How cities and their suppliers are adjusting to Covid-19 and addressing the imperative for resilience, sustainability, and inclusion.
· The expansion of the network to include more of the locations where HSBC is active and more of the business clients that provide city systems and urban services.
· Greater interaction between business clients and municipal/regional/national governments to drive innovation and spur demand for green financing.