SINGAPORE--MasterCard Worldwide has unveiled a new research and development (R&D) hub in Singapore which will focus on developing new payment products, according to the payment services provider.
The Singapore headquarters will be a command-and-control center for intellectual property (IP) and brand management, and to drive and manage growth in the region. The new hub will also be used to manage the company's regional business, R&D of new payment products including emerging payments, chip, contactless, mobile and e-commerce.
Through the new facility here, Mastercard will be able to enhance its research efforts through MasterCard Labs, technologies operations and a Chip Centre of Excellence (CCoE), encompassing a full range of upstream research, hardware and software deployment.
MasterCard Labs here--one of the company's third labs worldwide--will work alongside its U.S. and Ireland counterparts to enhance research in the region, and assume responsibility for all work relating to conceptualization such as proof of concept and pilot studies and ensuring that payment services are brought to the market quickly.
"Chip deployment is accelerating around the world and is becoming an increasingly important component of MasterCard's overall business operations," Vicky Bindra, president of Asia-Pacific, Middle East and Africa of Mastercard Worldwide, said in a statement released Friday.
Bindra, who leads the new hub , added that the CCoE will give the payment company the benefit of skilled engineers, access to latest innovation and the ability to service rapid growth in Asia-Pacific, Middle East and Africa.
He added that Singapore had "advantages" as the city was a global business hub and good partnerships can be forged with related industry players.
"Singapore's concerted effort to harness talent in the region has created an exceptional knowledge-based, innovation-driven economy," he said. "The expansion will form a key component of MasterCard's strategy to tap into the potential of the Asia-Pacific, Middle East and Africa region as a key driver of the company's global growth."