New Delhi: The Telangana government signed a Memorandum of Understanding (MoU) with Mastercard, in a bid to formalize a digital state partnership that delivers world-class solutions and contributes to the rapid digitisation of the state, with a focus on small and medium-sized businesses (SMBs) and farmers, on Thursday, officials said. The agreement was announced at the World Economic Forum in Davos in the presence of Telangana Minister of Municipal Administration and Urban Development, KT Rama Rao and Michael Froman, Vice Chairman and President, Strategic Growth, Mastercard.
According to a statement released by the government, Mastercard will collaborate with the state on priority areas including, but not limited to disbursements, digitisation of agricultural supply chains, cybersecurity, and digital literacy. The solutions are aimed at supporting disbursements in the state, building capacity among SMBs and enabling farmers to boost their income.
Speaking on the collaboration, KTR said, “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 digitisation.”
“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,” he added.
Mastercard Vice-Chairman and President, Strategic Growth, Michael Froman said, “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.”
Thanking the Telangana government for the partnership, Nikhil Sahni, Country Corporate Officer, India and Division President, South Asia, Mastercard, said, “Mastercard is honoured 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.”