EDB, MasterCard team up to boost Singapore trade with tech solutions

They’re also looking to innovate tourism, urban mobility.

Singapore is another step closer to becoming a Smart Nation, as MasterCard and the Singapore Economic Development Board (EDB) have inked memorandum of understanding to help local companies build technology solutions.

“These efforts seek to improve experiences of consumers and enable companies to expand into adjacent business areas in a digital environment,” revealed MasterCard in a media release

Further, MasterCard and the EDB are also working with Singapore-based firms to design and build technology platforms in tourism, urban mobility, and trade.

For tourism, the MOU will seek to collaborate with Singapore tourism stakeholders in providing locals as well as visitors means to navigate the city-state’s attractions in a more connected fashion.

In terms of urban mobility, MasterCard, the EDB, and partners in the transportation sector will work towards making the local transit system easier to use for visitors.

Lastly, the partnership is looking to improve trade by digitizing and automating how companies buy, sell and pay each other. This comprises both business to business payments, as well as Singapore’s shipping industry.

“We are happy to work with MasterCard to enable the creation of new solutions in the identified themes. This is in line with EDB’s drive for Singapore to be a hotbed for innovation and creation of new businesses, which in turn will contribute to economic growth and the creation of good jobs,” commented Kelvin Wong, Assistant Managing Director at EDB.