OREANDA-NEWS. The Moscow School of Management SKOLKOVO and MasterCard announce the signing of a Memorandum of Understanding that lays foundation for a newly-endowed Chair for “Finance, Payments and E-commerce”. Through the establishment of this Chair, the SKOLKOVO business school and MasterCard aim to continue to improve the educational, research, and consulting potential of the Moscow School of Management SKOLKOVO by creating a dedicated department focused on the future economy and electronic payments. Future activities of the scientists and experts who will be united by the new department are expected to focus on innovation and global and local trends in electronic payments.

Creation of the new Chair is an important development in the long-term cooperation between the parties. President and CEO of MasterCard Ajay Banga has been a member of the International Advisory Board of the School since 2010 and plays an active role in its functioning. MasterCard executives visit the School with lectures on payment schemes business practices, future of finances and the world beyond cash.

In 2012, three winners of “Opening opportunities with MasterCard” entrepreneurial contest were awarded with personal scholarships for the SKOLKOVO MBA programme and are on track to complete the course this year. As a co-founder of a new department, MasterCard will provide financial support and actively participate in its activities, while also continuing to support the Chair with access to results of research and actively participating in inviting international experts to join the activities of the Chair.

“Today’s announcement enables MasterCard to continue with its important partnership with the Moscow School of Management SKOLKOVO and will focus on continuing to drive innovation in payments space, while identifying new ways to expand payment acceptance space”, says Ajay Banga, CEO and President of MasterCard and member of the International Advisory Board of the School. “Together MasterCard and the SKOLKOVO business school will help drive forward electronic and mobile commerce in Russia and around the world, enabling business to become even more competitive as we move to a world beyond cash”.

The school is currently hiring a head of the new department who is expected to be chosen by January 2014. According to the Memorandum, the School is responsible for the quality of the academic constituent of the work of the Chair, organizes the work team for the Chair maintenance, integrates it in its educational platform and will adapt activities of the Chair to the market’s demand.

“The Moscow School of Management SKOLKOVO is an actively developing centre of sectoral and intersectoral expertise, and it constantly tries to strengthen its research component”, comments Andrey Rappoport, President of the SKOLKOVO business school. “Creation of the “Finance, Payments and E-commerce” Chair together with the industry leader MasterCard is a response to the global trends and financial market demands. The e-commerce section grows rapidly and will define winning business models in the near future. I’m sure that the Chair experts’ research will contribute significantly to the industry’s development in Russia”.

Fast development of electronic and mobile payment technologies and expanding their acceptance fields all over the world witness the real-life goal for opening the Chair. Taking into consideration vast potential, the founding parties will look into growing the department to a level of a research center together with other industry players.