Sri Lanka (Commonwealth Union)_ Mastercard and the Colombo Port City Economic Commission have entered into a significant collaboration marked by the signing of a Memorandum of Understanding (MoU), with the aim of harnessing Mastercard’s City PossibleTM platform to facilitate the development of Port City Colombo. This endeavor seeks to transform Port City Colombo, an export-oriented Special Economic Zone with a multifaceted service focus, into a modern, sustainable, and smart city, as well as a future investment hub. Mastercard’s global City PossibleTM network, an innovative initiative fostering inclusive and sustainable urban development, brings together experts, organizations, and cities to develop customized solutions that benefit communities worldwide.
City PossibleTM will join forces with the Colombo Port City Economic Commission to explore innovative models in urban innovation specifically designed for Port City Colombo. This partnership will tap into the collective expertise of businesses, academia, and strategic alliances to enhance connectivity and resilience in Port City Colombo. Moreover, Mastercard, drawing from its extensive global experience, will address a spectrum of challenges spanning governance, urban mobility, digital payments, and cybersecurity. Leveraging breakthrough technologies and best practices from various international markets, Mastercard aims to bolster Port City Colombo’s growth and prosperity. The MoU also envisions collaborations in areas such as digital insights platforms, unique solutions like City Key™, and consultancy services to support the thriving development of Port City Colombo.
Dinesh Weerakkody, Chairman of the Colombo Port City Economic Commission, expressed confidence in the partnership with Mastercard, noting their expectation that Mastercard’s global expertise and solutions will contribute valuable technological insights into digital payments and other digital solutions, fostering a digitally inclusive ecosystem within Port City Colombo. He said, “We are pleased to partner and collaborate with Mastercard and confident, that their global expertise and solutions will play an important role in contributing technological insights on digital payments, among other possible digital solutions for a digitally inclusive ecosystem within Port City Colombo.”
Sandun Hapugoda, Country Manager of Mastercard Sri Lanka and Maldives, underscored the commitment to this endeavor, highlighting the potential for Port City Colombo to become a vibrant modern city that appeals to both regional and global interests. He emphasized that Port City’s primary objectives include creating a dynamic business district in Colombo with global appeal, catalyzing international investments, stimulating innovation, generating employment opportunities, and enhancing Sri Lanka’s competitive position on the global stage. He said, “The objective of the Port City is to create a vibrant business district in Colombo to appeal to the region and on a global scale. More importantly, to foster global investments, spur innovation, and create new employment opportunities, ultimately enhancing Sri Lanka’s competitiveness on the international stage”.
According to him, in alignment with these ambitious goals, Mastercard is enthusiastic about partnering with the Colombo Port City Economic Commission to integrate Port City Colombo into the City Possible initiative. By doing so, Mastercard aims to support the special economic zone’s advancement toward inclusive and sustainable urban development, fostering a more inclusive digital world. He said, “Aligned to these goals, Mastercard is delighted to partner with the Colombo Port City Economic Commission to onboard Port City Colombo as part of the City Possible initiative and support the special economic zone in advancing inclusive and sustainable urban development and adapt to create a more inclusive digital world”.
Spanning 269 hectares of reclaimed land from the sea, Port City Colombo represents an extension of Colombo’s central business district. Established by the Colombo Port City Economic Commission Act, the Colombo Port City Economic Commission oversees all business activities and operations within Port City Colombo. It serves as a Single Window Investment Facilitator, dedicated to promoting ease of doing business and facilitating the transformation of Port City Colombo into a modern urban hub.
