Mastercard/Microsoft accelerate fintech digital innovation
In an announcement made by Mastercard the company has joined forces with Microsoft Corporation to shape the future of digital commerce, drive startup innovation and enable financial inclusion.
As part of the collaborative efforts, Mastercard Labs’ cloud native research and development activities will be accelerated with the help of Microsoft Azure and AI. The technology will advance Mastercard Lab’s mission to de-risk and commercialize emerging technologies and platforms for digital commerce.
In addition, Mastercard’s improved access to technological expertise and cutting edge technologies, will provide its partners with the ability to build and securely scale new solutions.
“We are thrilled to deepen our longstanding relationship with Microsoft by advancing the research, development and scaling of new technologies and business models,” said Ken Moore, executive vice president and head of Mastercard Labs. “This strategic collaboration will strengthen and extend our cloud services and capabilities for clients and fintech partners, sparking innovation and creativity for the ecosystem. It will enable us to explore opportunities focused on new client segments, technologies and trends as we continue to drive financial inclusion and build the future of commerce.”
Also commenting on the announcement Judson Althoff, executive vice president of Microsoft’s Worldwide Commercial Business added, “Mastercard’s commitment to innovation and financial inclusion has accelerated digital commerce for individuals and businesses around the world. We look forward to building on our strong relationship and accelerating co-innovation to help connect and power a digital economy for everyone, everywhere.”
Fintech innovation and advancing digital commerce
By harnessing the combination of Mastercard’s global network and Azure’s global reach, the two organisations will provide Mastercard’s partner ecosystem with the ability to explore emerging innovations and new commerce capabilities.
Via access to Azure technologies, augmented reality, virtual reality and the internet of things (IoT), Mastercard’s fintech partners will be empowered to create new user experiences to advance value exchange.
To date, Mastercard’s program has helped more than 230 fintech companies with their development and democratizing access to financial services. Its recent collaboration with Microsoft will build on its current efforts and expand its support for fintechs by diversifying and building new businesses, as well as create and scale new cloud-first digital products and services.
In addition to innovation and digital commerce, Mastercard and Microsoft are committed to empowering people in underserved communities by providing access to digital products and services. The collaboration between the two organisations will help Mastercard to advance its vision to improve the lives of people by building pathways to financial security as well as access to critical services.
In order to achieve this the Azure cloud environment will provide a native infrastructure for Mastercard Labs’ inclusion efforts and support its Community Pass platform which provides communities with access to essential services including: education, agriculture marketplaces and basic healthcare.