The Telangana government signed a Memorandum of Understanding (MoU) with Mastercard to formalize the Digital State Partnership, which provides world-class solutions and rapid digitization of the state, with a focus on small and medium-sized businesses (SMBs) and farmers.
The deal was announced at the World Economic Forum in Davos in the presence of Telangana’s Minister of Municipal Administration and Urban Development, K T Rama Rao and Michael Froman, Vice President and President, Strategic Development, Mastercard.
As part of this agreement, Mastercard will collaborate with the state in priority areas, including but not limited to disbursements, digitization of agricultural supply chains, cyber security and digital literacy, according to a statement.
It aims to support disbursements in the state, build capacity among SMBs and enable farmers to increase their income.
“As part of our vision of a Digital Telangana, we are excited to see the interest from global corporations. I am very happy to announce that we are partnering with Mastercard to further strengthen the ongoing efforts in the state by developing solutions to drive digitization. The collaboration will help the state bring better citizen experiences across the governance value chain, improve financial literacy and inclusion as well as bring higher efficiencies in services including disbursements of welfare schemes and payment solutions”, Said, KT Rama Rao, Minister for ITE&C, Municipal Administration & Urban Development, and Industries & Commerce, Telangana.
“Mastercard is committed to contributing to a more inclusive, sustainable world, where the digital economy works for everyone, everywhere. The company has been working with governments around the world and leveraging the power of technology to expand financial and digital inclusion. Mastercard looks forward to working with the Government of Telangana on initiatives to accelerate digitization and positive change in the lives of its citizens and SMBs,” said, Michael Froman, Vice Chairman and President, Strategic Growth, Mastercard.
Thanking the government for the partnership, Nikhil Sahni, Country Corporate Officer, India and Division President, South Asia, Mastercard, said, “Mastercard is honored to have the opportunity to participate in the state government’s agenda to deliver world-class solutions in areas such as agriculture, cybersecurity and tourism within the state.”
Mastercard has been driving a number of partnerships and initiatives as part of its commitment to driving financial inclusion by supporting small businesses to go digital, enabling growth through access to credit, supporting women entrepreneurs, collaborating with corporates to develop solutions for cyber fraud, and transit amongst others.