Mastercard and the Asian Development Bank (ADB) have reaffirmed and expanded their strategic partnership during the 59th ADB Annual Meeting in Samarkand, Uzbekistan. Building on a Memorandum of Understanding signed two years ago, the renewed commitments focus on strengthening digital ecosystems, enhancing financial system resilience, and promoting inclusive economic growth across the Asia-Pacific region.
The updated agreements were formalized during a meeting between ADB Vice President Bhargav Dasgupta and Mastercard Chief Services Officer Craig Vosburg. The parties outlined three priority areas: cybersecurity and cyber intelligence development, AI adoption in the financial sector, and scaling impact in the Central Asia Regional Economic Cooperation (CAREC) region.
Under the first pillar, Mastercard and ADB will explore launching a cybersecurity pilot project using Mastercard's technology solutions. This aims to strengthen ADB's private sector due diligence processes and ongoing portfolio monitoring, thereby enhancing protection for investments in critical digital infrastructure and the financial sector through improved risk transparency and cyber resilience.
The second pillar focuses on AI capacity building for financial institutions. The partnership includes technical support programs ranging from basic training to practical implementation of AI solutions. Tools such as sandbox environments and applied AI use cases will be developed to improve operational efficiency, risk management, customer service, and credit access.
The third pillar deepens cooperation under the CAREC program, covering Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Armenia, in addition to earlier collaborations in Turkey and Georgia. Key objectives include supporting digitalization, expanding financial access, and improving credit availability for micro, small, and medium-sized enterprises (MSMEs). The initiative aims to reach several thousand micro-enterprises and active digital solution users.
"ADB is committed to developing risk-resilient and inclusive financial systems in developing member countries. Continuing our collaboration with Mastercard allows us to combine our expertise to address evolving challenges from cybersecurity and AI to small business digitalization, while supporting the scaling of our private sector operations," said Bhargav Dasgupta.
"Mastercard is proud to deepen our collaboration with ADB to drive meaningful change in the region. By combining Mastercard's technology, data, and cybersecurity expertise with ADB's development mandate, we can help financial institutions innovate responsibly, expand access, and build stronger digital economies," added Craig Vosburg.
Source: kun.uz