Mastercard has announced it will open a new Intelligence and Cyber Centre in Vancouver, Canada.

The Vancouver centre is being launched in partnership with the Government of Canada through its Strategic Innovation Fund, with an additional $510 million investment by Mastercard.

The new space in Vancouver will become one of six global technology centres for Mastercard and will develop cyber solutions for the payments ecosystem globally.

“Ensuring payments are both convenient and secure has always been a top priority for Mastercard,” said Ajay Banga, president and chief executive officer of 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.”

Mastercard’s new Intelligence and Cyber Centre will be based at The Exchange office tower on Howe Street, which includes Amazon.com Inc. among its tenants.

The Mastercard office will house Vancouver-founded cyber security firm NuData Security Inc., acquired in 2017. NuData currently works out of The Exchange tower.

The project is targeted to complete in June 30, 2024. Mastercard also has a Canadian headquarters in Toronto and global technology centres in New York, St. Louis, India, Dublin, and Sydney.