Mastercard and Citi to Support Financial Inclusion, Sustainability Efforts

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Mastercard and Citi to Support Financial Inclusion, Sustainability Efforts


Mastercard (NYSE: MA) and Citi (NYSE: C) have formed a new partnership in order to support local residents and small businesses via greater public-private sector collaboration.

Through City Possible, Mastercard’s partnership and co-creation framework for cities, the two international firms will aim to “bring their collective resources, expertise, and integrated urban development frameworks to the City Possible network.”

As mentioned in a release, the partnership will initially “grant City Possible network members access to ‘Citi Start Saving’ and ‘City Builder by Citi’ through the Mastercard City Insights Digital Marketplace.”

The Citi Start Saving program “allows U.S. municipal and nonprofit organizations to expand access to financial services and advance economic progress in underserved and low-income communities,” the announcement noted.

City Builder by Citi is “a free, data-driven platform that aggregates information about community investment opportunities and includes information on 16,000+ U.S. cities, 73,000 census tracts, 485 community development projects, and 180 funds and community development entities.”

As noted in the release, the new tools will offer City Possible members the option to assess the impact of a climate or economic event to “support policy and program development.” The partnership will also “explore ways to help city leaders develop more efficient procurement processes as well as identify avenues to support an inclusive recovery through joint disbursement solutions.”

Since its launch, City Possible has “facilitated a framework where members can draw on the collective expertise and resources of all stakeholders in order to replicate innovative solutions that address urban challenges.” City Possible works to “foster collaboration and co-creation, drive inclusive economic development, and build more resilient communities.”

“Cities need to think about how to adapt to a digital world in a way that leverages technology to bring more people into the digital economy,” stated Miguel Gamino, EVP, President, Enterprise Partnerships and Head of Global Cities and City Possible at Mastercard.

Miguel added:

“Partners like Citi allow us to continue to expand the range of solutions we can provide to the City Possible network, which has already played an important role in helping to build more inclusive communities.”

“Technology is interconnecting cities like never before, and Citi has been focused on solutions to enhance the urban experience for citizens, government and corporations alike,” noted Andy Taylor, MD, N. America Public Sector Group, Citi.

Andy also mentioned:

“Partnering with Mastercard will accelerate these endeavors and generate new thought leadership across the City Possible network.”

This recent announcement aims to further build on Mastercard and Citi’s longstanding partnership to “provide innovative solutions to multinational corporations, financial institutions and public sector organizations across the globe.”

In 2020, Citi also joined the Priceless Planet Coalition as a founding partner. Created by Mastercard, the coalition “unite the efforts of consumers, financial institutions, merchants and cities to fight climate change through the restoration of 100 million trees over five years – together with climate science and forest restoration experts Conservation International (CI) and World Resources Institute (WRI).”





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