Mastercard announced on Thursday its new Intelligence and Cyber Center. The center, which is located in Vancouver, Canada. is expected to expand the multinational financial services giant’s Canadian presence by creating and maintaining a total of 380 jobs, and accelerate innovation in digital and cybersecurity, artificial intelligence, and the Internet of Things.
Mastercard revealed that the Vancouver center is also being launched in partnership with the Government of Canada through its Strategic Innovation Fund, with an additional $510 million investment by Mastercard itself. Ajay Banga, President and CEO of Mastercard, stated:
“Ensuring payments are both convenient and secure has always been a top priority for Mastercard. The Vancouver center will help us meet the growing demand for technology solutions to reduce the cost of cyber-attacks, enable today’s connected devices to become tomorrow’s secure payment devices, and address the growing vulnerabilities associated with the Internet of Things.”
The Honourable Navdeep Bains, Minister of Innovation, Science and Industry, further commented:
“Our government is investing in a new cybersecurity centre in Canada to develop the technology solutions Canadians and people all over the world need to protect their personal and financial information when they use their devices. This will make Canada a world leader in cybersecurity and help us tackle the cost of cybercrime in Canada—an estimated $3 billion a year.”
Banga added then added:
“Expanding our presence in Canada allows us to tap into the country’s talented workforce and thriving technology ecosystem, to help bring innovations to market even faster.”