Mastercard signs MoU to enhance efficiency of Ukraine’s digital infrastructure

Mastercard has signed a five-year public-private cooperation agreement with the government of Ukraine, aiming to boost the country’s digital economy by implementing new financial and payment tools and developing digital identity and cybersecurity.

The Memorandum of Understanding (MoU) for the Digital Country Partnership (DCP) program was signed last week in Warsaw between the payment operator and the Ukrainian Ministry of Economy, Environment and Agriculture.

The collaboration will enhance the efficiency of public services, expand access to financial tools, and open new opportunities for small businesses and for investment in Ukraine’s digital infrastructure, according to Economy Minister Oleksii Sobolev.

“We are implementing cutting-edge international technologies in financial services, electronic payments, and cybersecurity to ensure that the government, businesses, and citizens can operate within a shared digital environment,” says Sobolev.

Mastercard has previously signed Digital Country Partnerships with the governments and public sector bodies in France, Czechia, Slovakia, Panama and other countries. The program attempts to leverage Mastercard’s technology and data insights in the public sector.

Mastercard’s digital identification service is also part of the initiative, including its ID verification service and its digital ID network, a decentralized framework that offers a reusable digital ID.

The partnership with Ukraine focuses on several work streams. The financial security and inclusion stream aims to streamline government disbursements by applying data analytics and AI tools to social policy and designing effective government programs. Mastercard will also support small and medium-sized enterprises (SMEs) with digital solutions.

The travel and mobility stream focuses on modernizing payment and ticketing systems for public transportation and boosting the country’s tourism sector.

The digitalization and innovation stream foresees digital solutions in cybersecurity, digital identity and financial inclusion as well as deployments of AI solutions. The stream also includes strengthening collaboration within GovTech and support for fintechs and startups.

Finally, Mastercard plans to work with Ukraine on cybersecurity and payment security by enhancing the resilience of critical infrastructure. Since the start of the war with Russia, the country has been facing intense cyberattacks and strikes on its physical infrastructure.

Article Topics

digital economy  |  digital identity  |  financial services  |  government services  |  Mastercard  |  public-private partnerships  |  Ukraine