Mastercard as the Key Payment Enabler at the Global Entrepreneurship Community

screen-shot-2016-12-09-at-11-24-56-amKuala Lumpur – December 8, 2016 – Mastercard emphasizes its commitment to cultivate and further develop enterpreneurship in Malaysia through its collaboration with the Malaysian Global Innovation & Creativity Centre (MaGIC) as the strategic partner for the inaugural Global Entrepreneurship Community (GECommunity). The event was officiated by Prime Minister, Yang Amat Berhormat (YAB) Dato’ Sri Mohd Najib Tun Haji Abdul Razak and accompanied by Secretary General of the Ministry of Finance (MOF), Yang Berbahagia (YBhg.) Tan Sri Dr Mohd Irwan Serigar Abdullah held at the Kuala Lumpur Convention Centre.

As part of Mastercard’s partnership with MaGIC, Mastercard will provide its global expertise in the innovative payment technology and its network to helping support the development of the entrepreneurship community in Malaysia, enabling businesses of all sizes to realize the benefits of electronic payments to grow their business and the wider economy.

Perry Ong, country manager for Malaysia and Brunei, Mastercard said, “As the leading technology company in the global payments industry, we understand the benefits of electronic payments for any business, to help businesses experience enhanced efficiencies and connect businesses to a global marketplace allowing them to scale and grow. We have a long history of working with businesses of all sizes, particularly startups and small and medium enterprises (SMEs), to help them realize the benefits of innovative digital payment solutions. This will be a critical focus for us especially in Malaysia, as we partner with organizations such as MaGIC to help bring our expertise in payments and network to support the development and growth of startups and SMEs in the country.”

Perry added “The collaboration will also showcase our support in leading the SME industry to become e-commerce savvy as Malaysia is embracing the cashless technology ecosystem – an essential part of Ministry of International Trade and Industry (MITI), Malaysia External Trade Development Corporation (MATRADE) and Malaysia Digital Economy Corporation (MDEC).”

YBhg. Tan Sri Dr. Mohd Irwan Serigar Abdullah, Secretary General of Ministry of Finance Malaysia, who is also the Chairman of MaGIC and Patron of Global Entrepreneurship Movement (GEM) said, “Entrepreneurs are a critical component of the foundations Malaysia needs to put in place to achieve a fully developed nation status by 2020. The government recognizes the power of entrepreneurship and has dedicated significant efforts to encourage the entrepreneurship movement here in Malaysia. We recognise that the world is increasingly connected and more and more entrepreneurs begin their journey thinking globally. GECommunity 2016 will put us on the map as a hub for global entrepreneurs, helping unleash greater opportunities for startups to engage and collaborate on solutions for the new economies of the future.”

Recognising the Malaysian government’s drive to equip Malaysian startups and SMEs towards becoming globally competitive that enhance wealth creation and simultaneously contribute to the social wellbeing, through GECommunity 2016 among other proactive initiatives, Mastercard also urges SMEs to take part in its Start Path – a global effort to support innovative startups developing the next generation of commerce and financial technology (fintech) solutions. Since its inception in 2014, Start Path has encouraged and empowered more than 60 startups worldwide in helping them grow and upscale within their respective industries.

Earlier this month, Mastercard also formalised its collaboration with MaGIC alongside Cyberview Sdn Bhd at the Smart City Expo World Congress in Barcelona. Also witnessed by Prime Minister at the GECommunity, the tripartite collaboration will see Mastercard providing the horizontal payment construct across all the vertical clusters including urban mobility, lifestyle, finance, health, supply chain and education among others. This is in support of Cyberjaya strengthening its foothold as the benchmark of a Smart City in the country while providing an integrated payment ecosystem for an enhanced commerce experience which includes digital solutions such as Masterpass.

These activities are set to fall in line with the government’s Economic Transformation Programme and Bank Negara Malaysia’s (BNM) vision to transform Malaysia into a cashless society.

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