Singapore’s ambition to be a ‘Smart Nation’ is moving forward as MarvelStone, an Asian private investment group has announced on Tuesday that it will open the world’s largest fintech hub in Singapore next November.
The facility will be known as Lattice80, spanning over 30,000 square feet and to be located in Singapore’s Central Business District, an area that is notably close to the city-state’s key financial institutions, stock exchange, and regulators.
Joe Seunghyun Cho, Chairman of Marvelstone in Crowdfund Insider said, “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.”
Reportedly to be an independent non-profit initiative, one of Lattice80 objective is to establish a global fintech connection. Besides, the project is also aimed to promote local fintech innovations through providing innovation support schemes to existing company and financial institutions.
While for fintech startups prototype, programs such as workspace, events, and educational programs is provided to help develop and expand their business models oversea. These projects are moving smoothly as Marvelstone works closely with Monetary Authority of Singapore (MAS).
Gina Heng, the CEO of Marvelstone furthermore added, “The time is right for innovation, and people are more receptive to the use of technology in financial services. Lattice80 aims to support the fintech ecosystem in Asia and bridge global players to the region.”
Besides MAS, the Marvelstone Group also seeks to bring partners onboard as well, voicing out their intentions to collaborate with other regional Fintech hubs like London’s Level 39, Australia’s Stone and Chalk as well as Israel’s The Floor to create a global ecosystem for fintech innovation.
This news is published on Reuters.