The Singapore Economic Development Board (EBD) has partnered MasterCard to develop and innovate technology solutions to help drive Singapore's competitiveness.
In the next two years, the two organisations will focus on promoting tourism, mobility, and trade while enabling seamless experiences and sustainable growth.
For tourism, they will do so by cooperating with the Singapore tourism stakeholders to provide an enhanced experience that lets Singapore residents and visitors navigate the city state's attractions in an easier, more connected fashion.
To improve urban mobility, EBD and MasterCard will help transportation partners enable a seamless urban mobility experience for Singaporeans, and ensure that visitors feel as much at home on the local transit system as residents.
As for trade, the two organisations will help to digitise and automate how companies buy, sell and pay each other, especially for Singapore's shipping industry.
According to a joint press release, solutions for the above will be designed and developed out of Singapore. This hopes to further enhance the republic's ability to create innovative products and services which can be globally deployed.
Commenting on the partnership, Kelvin Wong, Assistant Managing Director at EDB said: "We are happy to work with MasterCard to enable the creation of new solutions in the identified themes. This is in line with EDB's drive for Singapore to be a hotbed for innovation and creation of new businesses, which in turn will contribute to economic growth and the creation of good jobs."
Ari Sarker, co-President MasterCard Asia-Pacific, added: "For many years, Singapore has been setting the benchmark for what it means to become a smart city and a smart nation. MasterCard is proud to work with the Economic Development Board to develop solutions that make the lives of people and businesses easier - and that help Singapore further strengthen its competitive position in the world economy."
Besides Singapore, MasterCard is already working with local authorities in London, Athens and Bogota, to make public transport more accessible and efficient.
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