TS govt inks MoU Mastercard to accelerate digitisation In State

DAVOS: The Telangana government has signed a Memorandum of Understanding (MoU) with Mastercard to formalise a Digital State Partnership aimed at delivering world-class solutions that contribute to the rapid digitisation of the state's citizen services, with a focus on small and medium-sized businesses (SMBs) and farmers. The MoU was announced at the World Economic Forum (WEF) in Davos in the presence of KT Rama Rao and Michael Froman, Vice Chairman and President, Strategic Growth, Mastercard.

As part of this Digital State Partnership, Mastercard will collaborate with the state on priority areas including, but not limited to disbursements, digitization 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 increase their incomes.

KT Rama Rao 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 digitization. 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."

"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," said Michael Froman, Vice Chairman and President, Strategic Growth, Mastercard.

Thanking the 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."

Mastercard has been driving a number of partnerships and initiatives as part of its commitment to driving financial inclusion by supporting small businesses to go digital, enabling growth through access to credit, supporting women entrepreneurs, collaborating with corporates to develop solutions for cyber fraud, and transit amongst others.