The northern Sydney suburb of St Leonards in 2018 will be the home to one of Mastercard’s five Global Tech Hub and Innovation Centres, the company has revealed.
Mastercard’s Sydney-based employees and businesses will be shifted to the new location.
“Over the past five years, Mastercard has made important acquisitions in technology and services that have helped it gain momentum towards its vision of becoming an innovative technology and services leader,” Mastercard Australasia division president Richard Wormald said in a statement.
“As the Internet continues to reshape the payments industry and create new opportunities, business must evolve their offerings to keep up with new demands.”
“Mastercard is leading the way, acquiring assets that place innovation at the core of our offering and by bringing together all of our 560 Sydney-based people to unite in a practice of innovation,” Wormald said.
“The fact that Mastercard sees value in establishing a Global Tech Hub and Innovation Centre in the city of Sydney strengthens our reputation as a technology destination,” said assistant minister for industry, innovation and science, Craig Laundy.
“Not only will this hub provide technology and innovation services to businesses around the globe, it will also strengthen the city’s research capacities,” the minister said.
The centre will house dedicated technology teams focused on artificial intelligence, machine learning and cyber security, Mastercard said.
Design and build is expected to begin this year. Employees will begin moving into the new centre from mid next year.