By Judith Balea for TechinAsia
Asian private investment group Marvelstone announced today it will open a fintech hub spanning more than 30,000 square feet – said to be the world’s largest – in Singapore in November.
Called Lattice80, the not-for-profit project will be located in the Central Business District, close to the city-state’s stock exchange, key financial institutions, and regulators.
“We think Singapore is the right place for a global fintech hub for a number of reasons. Singapore, being a traditional financial and trading hub, has the legal infrastructure and access to global investors that budding fintech companies would look for,” says Marvelstone chairman Joe Seunghyun Cho in a statement.
He says Lattice80 will help fintech startups prototype, develop, and expand their business models overseas, support traditional companies in adopting innovation, and form tie-ups with the government for new fintech infrastructure, among other things.
“We have been working closely with MAS (Monetary Authority of Singapore), which has made great strides in shaping the local fintech ecosystem. We also seek to bring partners on board and collaborate with other fintech hubs like London’s Level 39, Australia’s Stone & Chalk, and Israel’s The Floor,” adds Marvelstone CEO Gina Heng.
The group sees Singapore as the “best testbed” for fintech solutions, given the city-state’s ambition to be a ‘Smart Nation.’
Singapore has a Smart Nation initiative and under it, MAS created the Smart Financial Centerwhere it allocated US$225 million for the Financial Sector Technology & Innovation scheme to support the creation of fintech products. The center will also act as a “sandbox” to experiment and roll out such products within a controlled environment.
Marvelstone promises to reveal more details about the project in the run up to the launch.
First appeared at TechinAsia