Mastercard has named former ambassador Jon Huntsman, Jr. as its strategic growth president.
“Jon’s unique experience spanning four decades in public and private sectors will be extremely valuable as we build the future of Mastercard,” company CEO Michael Miebach said in a news release Monday (March 11).
“He will play a pivotal role in helping advance our approach to commercial sustainability through social impact, consistent with our company’s core value of doing well by doing good.”
According to the release, Huntsman will be responsible for helping expand Mastercard’s partnerships with government and public sector organizations, while also “driving the company’s inclusive growth, philanthropy and sustainability agenda.”
Huntsman served as U.S. ambassador to Singapore, China and Russia under presidents from both major parties, and served two terms as governor of Utah.
“Mastercard has an extraordinary company culture that is driven by a profound commitment to advancing inclusive, sustainable, digital-driven economic growth throughout the world,” said Huntsman. “I very much look forward to being part of this great team to further scale new business opportunities and partnerships in support of the company’s exciting strategic growth opportunities.”
Mastercard Strategic Growth, the program he’ll be leading, includes the company’s philanthropic, ESG, localization and public sector partnerships programs, such as the Center for Inclusive Growth, which advocates for “equitable and sustainable economic growth and financial inclusion around the world.”
Among the center’s recent projects is a partnership with Consumers International to improve protections for vulnerable consumers in the digital finance arena.
The project, announced in December, is designed to join together digital financial service providers, regulatory bodies, consumer advocates and technology companies, to deal with the increasing complexity of the digital finance ecosystem.
“Consumer advocates worldwide share that only 20% of consumers are included in deliberations about design of new technologies in their country,” Mastercard said in a news release. “This lack of voice means that risks for vulnerable consumers in digital finance are not effectively addressed or anticipated, and solutions are not effectively designed for the people they are intended for.”
The company says grants from the Mastercard Center, through the Mastercard Impact Fund, will speed research and development of a global consumer protection framework, with a special focus on underserved populations.
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