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

Mastercard Country Manager Sri Lanka and the Maldives Sandun Hapugoda (second from left) and Colombo Port City Economic Commission Chairman Dinesh Weerakkody (second from right) exchange memorandum of understanding to power a digital strategy for Port City Colombo in the presence of Chief Operating Officer/Director Financial Services and Compliance Revan Wickramasuriya (left) and Commission Member Reyaz Muhler (right)

Mastercard and the Colombo Port City Economic Commission (CPCEC) have 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 as a world-class offshore special economic zone in South Asia.

The CPCEC 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 CPCEC to explore new models in urban innovation for Port City Colombo. The partnership will leverage businesses, academia and strategic partnerships, to help 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 cybersecurity, 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 its 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,” CPCEC Chairman Dinesh 
Weerakkody said.
“Mastercard is delighted to partner with the CPCEC to onboard Port City Colombo as part of the 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 Country Manager Sri Lanka and the Maldives 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 Port City Colombo into a modern city, the CPCEC 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.