Mastercard and Colombo Port City Economic Commission sign MoU for City Possible

Mastercard Sri Lanka and Maldives Country Manager Sandun Hapugoda (second from left) and Colombo Port City Economic Commission Chairman Dinesh Weerakkody exchange the MoU to power a digital strategy for the Port City Colombo. Financial Services and Compliance Chief Operating Officer and Director Revan Wickramasuriya (left) and Commission Member Reyaz Muhler are also present

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

Mastercard and Colombo Port City Economic Commission yesterday announced the signing of a Memorandum of Understanding (MoU) to collaborate by leveraging Mastercard’s City Possible 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 Possible network is an innovative initiative pioneered by Mastercard, which brings together experts, organisations, 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,” Colombo Port City Economic Commission Chairman Dinesh Weerakkody said.

“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 on-board 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 Mastercard Sri Lanka and Maldives Country Manager Sandun Hapugoda. 

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.