- The centre will focus on increasing innovation in artificial intelligence (AI), cybersecurity and Internet of Things (IoT)
- Mastercard is investing $510 million in the centre
Ajay Banga, president and chief executive officer of Mastercard said, “Ensuring payments are both convenient and secure has always been a top priority for Mastercard. The Vancouver centre will help us meet the growing demand for technology solutions to reduce the cost of cyber-attacks, enable today’s connected devices to become tomorrow’s secure payment devices, and address the growing vulnerabilities associated with the Internet of Things.”
Create 380 jobs
The centre will create 380 jobs as per the company. It will also be one of the six planned spaces for the company to work on cyber solutions globally.
Navdeep Bains, minister of innovation, science and industry, said, “Our government is investing in a new cybersecurity centre in Canada to develop the technology solutions Canadians and people all over the world need to protect their personal and financial information when they use their devices. This will make Canada a world leader in cybersecurity and help us tackle the cost of cybercrime in Canada — an estimated $3 billion a year.”
In 2017, Mastercard acquired NuData. More recently, in 2019, it acquired Ethoca from Toronto which deals in biometrics and fraud resolution solutions.