Mastercard is making good on its Inclusive Growth Fund initiative. It has contributed its initial $100 million sum – of the pledged $500 million – to the Center of Inclusive Growth Fund. The company first revealed plans for its program during its 2017 fourth-quarter earnings, explaining that the endeavor is aimed at mitigating income and information imbalances, among other obstacles.
“There are too many people today who are disconnected from the resources and connections they need to survive and thrive,” said Ajay Banga, president and chief executive officer of Mastercard. “In establishing this fund, we hope to increase the agility and ability of people around the world to navigate change and be successful.”
The center will also aim to arm individuals and businesses with tools to become more resilient in a quickly evolving economy, a Mastercard spokesman said. In addition to addressing inequalities and empowering individuals, the center will further realize its mission to optimize its technology, data and partnerships to develop opportunities for more people to participate in the economy.
The center is targeted at “advancing sustainable and equitable economic growth and financial inclusion around the world. Established as an independent subsidiary of Mastercard, we activate the company’s core assets to catalyze action on inclusive growth through: research, data philanthropy, programs and engagement,” the spokesman said.
The center maximizes Mastercard’s various technologies to devise new cross-collaboration through researching and devising insights from complex theories; empowering entrepreneurs to mine success in new economic landscape, optimizing data to eliminate information inequalities and advance social improvements, and collate a group of community leaders to deploy evidence-based solutions.
Advisory panel members include Fan Gang, executive director of China’s National Economic Research center; Suman Bery, former chief economist of Royal Dutch Shell; Ricardo Hausmann, director of Harvard Center for International Development, and Rama Bijapurkar, chairperson of people research on India’s Consumer Economy.
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