Domain Audit — Mastercard Incorporated

V-ECON Audit

Supply Chain & Sourcing Relationships

Mastercard operates as a financial services and payments network company, and therefore the conventional supply chain framing applicable to agricultural or manufacturing entities is not directly applicable to its business model. No public evidence identified of Mastercard engaging in agricultural procurement, sourcing of fresh produce, or direct commercial relationships with Israeli agricultural exporters such as Mehadrin, Hadiklaim, Galilee Export, or Agrexco. No public evidence identified of Mastercard maintaining an importer-of-record entity for goods originating from Israel or occupied territories, as Mastercard does not import physical goods into any jurisdiction. No public evidence identified of seasonal sourcing patterns relevant to Mastercard’s business operations. No public evidence identified of third-party or indirect sourcing relationships that would bring settlement-origin goods into Mastercard’s value chain, as the company does not trade in physical commodities or agricultural products ¹.

Product Origin, Labeling & Regulatory Compliance

No public evidence identified of Mastercard producing, importing, labeling, or selling physical goods that would create direct exposure to country-of-origin labeling obligations for agricultural or manufactured products. NGO sources including Who Profits and Corporate Occupation allege that Mastercard’s card network infrastructure processes transactions for merchants and businesses operating in Israeli settlements in the occupied West Bank ¹. The Israeli card network’s acceptance infrastructure does not distinguish between Green Line Israel and occupied territory when processing payment transactions ²³. Settlement-linked business categories allegedly facilitated by Mastercard’s network include settlement tourism and hospitality, settlement retail, construction material suppliers, and agricultural produce sales, though no primary documentation such as acquiring bank contracts or merchant acceptance agreements has been independently verified in publicly accessible records ¹. Labeling compliance requirements do not apply to Mastercard’s product lines, which consist of payment network services rather than physical goods. No public evidence identified of a corporate labeling policy addressing settlement-origin products or services.

Investment, Capital & Financial Exposure

Mastercard holds a 10% stake in SHVA (Automated Banking Services Ltd.), the Israeli payment card switch, purchased from Bank Hapoalim and approved by the Bank of Israel in 2019 ⁴. Mastercard Israel Subsidiary Ltd. is registered at Aluf Kalman Magen 3, Tel Aviv 6107075, representing the company’s primary legal entity in Israel ⁵. The company operates a technology hub in Tel Aviv/Ramat Gan that has been operational since at least 2015 with material expansion in 2019 and continued operations through 2024 ⁶. Mastercard operates a FinSec Innovation Lab in Israel established in partnership with Enel X and the Israel Innovation Authority, located in Beer-Sheva ⁷⁸. No confirmed equity investment in Team8 has been identified; however, Mastercard maintains a partnership with Team8 via the FinSec Innovation Lab, and Omri Dahan, former Chief Revenue Officer of Mastercard, serves on Team8’s advisory board ⁹⁷. Hadar Siterman Norris, formerly of Mastercard Europe, joined Team8 as a Partner in 2023 ¹⁰. No evidence of confirmed equity investment amount, funding round details, or current stake status from venture databases has been identified. Mastercard is a U.S. public corporation (NYSE: MA) incorporated in Delaware with headquarters in Purchase, New York, and no Israeli parent company or Israeli beneficial owner has been identified ¹¹. The Mastercard Foundation holds approximately 10-11% of Mastercard shares but is a Canada-based charitable entity focused on African development and does not represent an Israeli ownership interest ¹². No public evidence identified of Mastercard holding Israeli sovereign bonds, Israeli-domiciled equity positions, or Israel-focused investment funds as treasury assets on its consolidated balance sheet.

Operational Presence & Market Activity

Mastercard maintains an active office in Tel Aviv/Ramat Gan, Israel, with operations documented from at least 2015 through 2024 ⁶. No evidence identified of Mastercard operating offices in the West Bank, Gaza Strip, or Golan Heights. Mastercard’s Israeli workforce was reported at approximately 300 employees as of 2022, and Mastercard Israel was recognized as a top employer in Israel in 2023 and 2024 ¹³. No corporate announcement of Israeli headcount reduction has been identified for the period October 2023 through April 2025. Mastercard does not disclose Israel-specific revenue in public filings, as Israeli operations are aggregated within the EEMEA (Europe, Middle East, and Africa) geographic reporting segment ¹¹. The Bank of Israel identifies Mastercard as one of two dominant international card networks operating within the Israeli payment ecosystem ³. The Bank of Israel’s Payment Card Transaction Chain Report confirms Mastercard’s position within the Israeli payments infrastructure ².

Corporate Structure & Foundational Ties

Mastercard was not founded in Israel; it originated as the Interbank Card Association in the United States in 1966, and Israeli operations represent post-incorporation market expansion activity rather than foundational ties to Israel. The legal domicile of Mastercard Incorporated is the State of Delaware, United States, with operational headquarters in Purchase, New York, United States ¹¹. No dual headquarters arrangement or legacy Israeli headquarters has been identified. No Israeli state ownership stake has been identified in SEC filings, and no Israeli government-appointed board members have been identified. Mastercard holds a documented partnership with the Israeli National Cyber Directorate (INCD) via the FinSec Innovation Lab, which represents a formal linkage to an Israeli government institution ⁷. No formal designation as critical national infrastructure by Israeli regulatory bodies has been identified. No evidence identified of golden shares, founder shares, or charter provisions tying Mastercard’s governance to Israeli state interests. The UN OHCHR settlement business database does not include Mastercard Incorporated among the 158 named companies involved in settlement activity as of the September 2025 update ¹⁴. However, Mastercard’s licensed issuing and acquiring bank partners in Israel—Bank Hapoalim, Bank Leumi, and Mizrahi Tefahot—are all named in the UN OHCHR database for categories including banking/financial operations, loans for housing and business development, and use of natural resources ^15161718. Under Mastercard’s network licensing model, these banks issue Mastercard-branded cards to settlement residents and process transactions for settlement-area businesses, and Mastercard earns network fees from all transactions processed on these cards regardless of location. The UN A/HRC/59/23 report from July 2025 discusses the finance sector’s role in enabling the settlement economy but does not specifically cite Mastercard by name in the finance sector section ¹⁹. The PAX “Companies Arming Israel” report from June 2024 does not identify Mastercard as a named arms supplier or financier ²⁰.

Profit Repatriation & Economic Contribution

No Israel-specific revenue is disclosed by Mastercard in public filings; Israel is subsumed within the EEMEA segment, which collectively represented approximately 25-30% of total net revenues in FY2023 ¹¹. No methodology exists to disaggregate Israeli revenues from EEMEA totals using publicly available data. Mastercard Israel Ltd is a wholly owned subsidiary of Mastercard Incorporated (U.S.), and profits generated through Israeli operations flow upward to the U.S. parent entity through standard intercompany structures. No evidence that profits generated globally flow into Israel has been identified. The Bank of Israel recognizes Mastercard as a systemically significant participant in Israeli payments infrastructure alongside Visa, confirming Mastercard’s economic ecosystem role within the Israeli financial sector ³. Mastercard’s Tel Aviv technology hub contributes to the Israeli cybersecurity sector through local employment and collaboration with Israeli startups. The BDS Movement lists Mastercard as a boycott target, though specific campaign documentation focuses on organic boycott targets in Turkey where Turkish municipalities have moved from Visa/Mastercard to local TROY payment system ²¹.

Constructive Notice — Temporal Threshold

No public evidence identified of Mastercard issuing a statement addressing the ICJ Advisory Opinion of 19 July 2024 in relation to its Israeli operations, and no documented operational modifications following this date have been identified. No public evidence identified of Mastercard issuing a statement addressing the ICC arrest warrants for Netanyahu and Gallant issued in November 2024, and no documented operational modifications following this date have been identified. Mastercard’s Israeli operations—including the technology hub, registered subsidiary, and network licensing relationships with OHCHR-listed Israeli banks—are documented as continuing without publicly disclosed modification through at least early 2025. No public evidence identified of Mastercard being subject to exclusion, divestment, or observation designation by the Norwegian Government Pension Fund Global (GPFG), KLP, the Irish Strategic Investment Fund, or the Caisse de dépôt et placement du Québec ²². No evidence identified of CEO Michael Miebach holding personal or family-office investments in Israeli companies, Israeli real estate, or Israeli state bonds in public disclosures ²³. No board member has been identified as having declared material personal investment in Israeli companies or Israeli state instruments based on review of DEF 14A proxy statements ²³.

End Notes