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

An innovative initiative pioneered by Mastercard, City Possible™ will further the development of Port City Colombo as a world-class offshore SEZ for South Asia.

06th September, Sri Lanka: Mastercard and Colombo Port City Economic Commission today 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.

We are pleased to partner and collaborate with Mastercard and confident, that their global expertise and solutions will play an important role in contributing technological insights on digital payments, among other possible digital solutions for a digitally inclusive ecosystem within Port City Colombo.” commented, Dinesh Weerakkody – Chairman, Colombo Port City Economic Commission.

 “The objective of the Port City is to create a vibrant business district in Colombo to appeal to the region and on a global scale. More importantly to foster global investments, spur innovation, and create new employment opportunities, ultimately enhancing Sri Lanka’s competitiveness on the international stage.

Aligned to these goals, Mastercard is delighted to partner with Colombo Port City Economic Commission to onboard Port City Colombo as part of City Possible initiative and support the special economic zone in advancing inclusive and sustainable urban development and adapt to create a more inclusive digital world,” said Sandun Hapugoda – Country Manager Mastercard Sri Lanka and Maldives.

Spread over 269 hectares of reclaimed land from the sea, Port City Colombo is an extension of the central business district of Colombo. To support the transformation of the Port City Colombo into a modern city, the Colombo Port City Economic Commission established by the Colombo Port City Economic Commission Act, oversees all business activities and operations within Port City Colombo, and serves as the Single Window Investment Facilitator for the promotion of ease of doing business within Port City Colombo.

Sandun Hapugoda, Country Manager Mastercard Sri Lanka and Maldives (second from left) and Dinesh Weerakkody, Chairman, Colombo Port City Economic Commission (second from right) exchange the Memorandum of Understanding with The Port City Colombo. They are joined by Revan Wickramasuriya, Chief Operating Officer/Director of Financial Services and Compliance, Colombo Port City Economic Commission (left) and Reyaz Mihular – Commission Member Colombo Port City Economic Commission (right)
About Mastercard (NYSE: MA), www.mastercard.com

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Mastercard Communications Contact
Barnes Maximilian
Maximilian.Barnes@mastercard.com

Agency Communications Contact
Rinoza Mahroof- +94777447444
rinoza.mahroof@mslgroup.com

About Colombo Port City Economic Commission: www.portcitycolombo.gov.lk

The Colombo Port City Economic Commission (Commission) is a government entity in Sri Lanka, which was established by the Colombo Port City Economic Commission Act No. 11 Of 2021.The Commission is entrusted and authorized by the Colombo Port City Economic Commission Act, with the responsibility of administering, regulating, and controlling all matters connected with businesses and other operations within the Area of Authority of Port City Colombo, and serves as the Single Window Investment facilitator for promoting ease of doing business within Port City Colombo.

Colombo Port City Economic Commission - Communication Contact
Dhanya Gunawardana +94 74 24 27 432
dhanya@portcity.gov.lk