VANCOUVER, Canada–Mastercard has unveiled its new Intelligence and Cyber Centre here.
The company said the center will expand its Canadian presence by creating and maintaining a total of 380 jobs, while also accelerating innovation in digital and cyber security, artificial intelligence, and the Internet of Things. The new space in Vancouver will become one of six global technology centers for Mastercard and will develop cyber solutions for the payments ecosystem globally, the company said.
“Ensuring payments are both convenient and secure has always been a top priority for Mastercard,” said Ajay Banga, president and CEO of Mastercard, in a statement. “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.”
Government Investment
The Vancouver center is being launched in partnership with the Canadian government’s Strategic Innovation Fund, with an additional $510 million investment by Mastercard.
“As Canadians use connected devices more and more, including for sensitive financial services like banking, they want to know that their data and privacy are protected,” said Navdeep Bains, minister of Innovation, Science and Industry, in a statement. “Our government is investing in a new cybersecurity center 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.”