Fireside Chat with Ajay Banga, CEO of MasterCard

Introduction

• The event is a fireside chat with Ajay Banga, President and CEO of MasterCard.
• Ajay Banga is praised as a great global leader.
• The speaker uses the "Ajay Banga management rule" to guide difficult decisions.

MasterCard Board Meeting in Japan

• MasterCard conducts board meetings outside the U.S. to understand global operations.
• 60% of revenue and 65% of employees are outside the U.S.
• Japan is a cash-dominated market with cultural roots.
• Upcoming events like the Rugby World Cup and Olympics are driving change.
• Opportunities arise in the Japanese market due to technological integration needs (e.g., contactless payments).

Technology and Blockchain

• Technology is crucial to MasterCard's strategy.
• Embracing technology as a friend is key to avoiding disintermediation.
• Blockchain explored as a promising technology with 60 patents held by MasterCard.
• Blockchain can revolutionize industries through decentralized ledgers.
• Cybersecurity remains a concern in blockchain adoption.
• Examples of blockchain applications: proof of provenance in diamonds, pharmaceuticals, and food safety.

People Leadership and Diversity

• Leadership involves listening to colleagues and balancing urgency.
• Emphasizes the importance of DQ (Decency Quotient) alongside IQ and EQ.
• Diversity encompasses thought and experience, not just gender or ethnicity.
• Ensures a level playing field for all employees.

Initiatives for Inclusion and Social Responsibility

• MasterCard Foundation established for social impact.
• Addressing financial inclusion for 2 billion people without bank accounts.
• Partnerships with World Food Program to reduce leakage in aid distribution (e.g., refugee camps in Lebanon and Jordan).
• Aim to reach 500 million people by 2020 for financial inclusion.
• Emphasizes integrating social responsibility in business models for sustainable impact.

Conclusion

• Ajay Banga's leadership principles are highlighted.
• The session ends with a thank you to Ajay Banga for his insights.