MarvelStone, an Asian private investment group, announced today that it is opening a fintech hub spanning over 30,000 square feet in Singapore in November.
The 30,000 square foot facility, said to be the world’s largest, is called Lattice80 and will be located in the Central Business District, near the city-state’s stock exchange, major financial institutions and regulators.
Joe Seunghyun Cho, Chairman of Marvelstone Group, commented: “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.”
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Singapore has the legal infrastructure and access to global investors that budding fintech companies look for.
Lattice80 will help fintech startups prototype, develop and expand their business models abroad, support traditional companies in adopting innovation and form tie-ups with the government for new fintech infrastructure.
Marvelstone CEO Gina Heng added: “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.”
Singapore has been a magnet for investment in the fintech space in recent times. Last month, Finance Magnates reported that PayPal had expanded its research operations to Singapore, culminating in the launch of a new innovation lab in the country and its first outside the United States.