Regional Headquarters will be Research and Development Hub Focused on New Payment Product Technology
Singapore, 27 January 2012– As a key part of its regional strategy, MasterCard Worldwide today unveiled the expansion of its regional headquarter activities in Singapore to manage regional business as well as research and development of new payment solutions including emerging payments, chip, contactless, mobile and e-commerce.
The Singapore headquarters will act as a command and control center for intellectual property (IP) management, brand management, and to spearhead and manage growth in the region. The expansion will significantly increase MasterCard’s presence in Singapore under the regional leadership team led by Vicky Bindra, President Asia/Pacific, Middle East & Africa, MasterCard Worldwide.
MasterCard will use Singapore’s first class infrastructure and unrivalled quality of life to source and attract talent, including senior level executives from around the world in specific practice areas such as mobile technology, e-commerce and emerging payments.
“We are delighted that MasterCard has chosen Singapore as the strategic location to grow its international business. The establishment of global leadership and innovation teams that will develop MasterCard’s intellectual property, branding and marketing as well as new payments solutions brings together the critical engines of MasterCard’s growth under a single roof, and affirms Singapore’s value proposition as a Global-Asia hub,” said Kelvin Wong, Executive Director of the Singapore Economic Development Board (EDB).
“This expansion will form a key component of MasterCard’s strategy to tap into the potential of the Asia/Pacific, Middle East & Africa region as a key driver of the company’s global growth,” said Mr. Bindra.
“The Singapore headquarters will spearhead MasterCard’s development of new solutions in mobile payments and remittance, to continue to grow and evolve MasterCard’s service offering as a leader in the global payments space.”
The MasterCard headquarters will also leverage Singapore’s strength in R&D and innovation for developing new payment solutions. Through its Singapore base, MasterCard will be able to enhance research and development through MasterCard Labs, Technologies Operations and a Chip Centre of Excellence (CCoE), covering the full range of upstream research, hardware and software solution development.
“Chip deployment is accelerating around the world and is becoming an increasingly important component of MasterCard’s overall business operations,” Mr. Bindra said.
“The CCoE in Singapore will help MasterCard get the benefit of skilled engineers, access to latest innovation and the ability to service the rapid growth in Asia/Pacific, Middle East and Africa.”
The MasterCard Labs—only the third such lab in the world—will work alongside its counterparts in the US and Ireland to enhance R&D in the region, with responsibility for all work relating to conceptualization; proof of concept; pilot studies; and ensuring that industry-leading innovative payment solutions are brought to the market faster.
Mr. Bindra said that the advantages of being based in Singapore were significant as the city had proven to be a valuable global business hub and a place where good partnerships could be formed with related industry players.
“Singapore’s concerted effort to harness talent in the region has created an exceptional knowledge-based/innovation-driven economy. MasterCard appreciates the strong focus on collaboration and innovation that has become the hallmark of the EDB and its efforts to expand the operations of multinational corporations into Asia.”
MasterCard (NYSE: MA) is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities—such as shopping, traveling, running a business and managing finances—easier, more secure and more efficient for everyone. Learn more at mastercard.com or follow us on Twitter @mastercardnews or join the conversation on The Heart of Commerce Blog.
Statements in this press release which are not historical facts, including statements about MasterCard’s plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Such forward-looking statements include, without limitation, statements related to the Company’s development of new payment solutions and growth of service offerings and the acquisition of talent. Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company’s filings with the Securities and Exchange Commission (SEC), including the company’s Annual Report on Form 10-K for the year ended December 31, 2010, the Company’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K that have been filed with the SEC during 2011, as well as reasons including difficulties, delays or the inability of the Company to achieve its strategic initiatives set forth above. Factors other than those listed above could also cause the company’s results to differ materially from expected results.
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