Payments company Mastercard and global bank Citi are partnering to support local residents and small businesses through greater public-private sector collaboration through the City Possible network.
City Possible is Mastercard’s partnership and co-creation framework for cities. The partnership will initially grant City Possible network members access to “Citi Start Saving” and “City Builder by Citi” through the Mastercard City Insights Digital Marketplace.
The Citi Start Saving programme allows US municipal and non-profit organisations to expand access to financial services and advance economic progress in underserved and low-income communities.
City Builder by Citi is a free, data-driven platform that aggregates information about community investment opportunities and includes information on more than 16,000 US cities, 73,000 census tracts, 485 community development projects, and 180 funds and community development entities.
The partners claim the new tools will provide City Possible members with the ability to assess the impact of a climate or economic event to support policy and programme development. The partnership will also explore ways to help city leaders develop more efficient procurement processes as well as identify avenues to support an inclusive recovery through joint disbursement solutions.
“Cities need to think about how to adapt to a digital world in a way that leverages technology to bring more people into the digital economy,” said Miguel Gamino, executive vice president, enterprise partnerships and head of global cities and City Possible at Mastercard.