SYDNEY – Mastercard is setting up a new global tech hub and “innovation centre” in the inner Sydney suburb of St Leonards – one of five such centres Mastercard is establishing around the globe.

All current Sydney-based employees are expected to move move to the new location.

“As the Internet continues to reshape the payments industry and create new opportunities, business must evolve their offerings to keep up with new demands,” said Mastercard Australasia division president Richard Wormald in a media release

“Mastercard is leading the way, acquiring assets that place innovation at the core of our offering and bringing together all of our 560 Sydney-based people to unite in a practice of innovation.”

Design and building of the new centre is expected to begin this year. Employees are expected to begin moving in from mid 2017.