At the launch of LATTICE80, the “worlds largest Fintech hub with over 30,000 square feet of work and shared space, Deputy Prime Minister and Chairman, Monetary Authority of Singapore, Tharman Shanmugaratnam, delivered a speech on the importance of Fintech.
LATTICE80 is the first not-for-profit / private sector initiative seeking to boost startups in Singpore. Located in the Central Business Disrtict, LATTICE80 aims to support the emerging Fintech ecosystem in Asia creating a robust bridge to the entire region.
Back in September, Joe Seunghyun Cho, Chairman of Marvelstone Group - a partner in the project, explained;
“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.”
LATTICE80 is in line with Singapore’s strategic approach labeled by the government as the Smart Nation Vision; aimed at empowering people and businesses through increased access to data, innovative ideas and solutions, and utilising technology to better serve citizens’ needs.
Shanmugaratnam, in his remarks, stated;
“FinTech - or financial technology - is transforming financial services, both from within established financial institutions and from outside the regulated sector through new, FinTech players. When FinTechs first came to global prominence, it was tempting to cast this as a battle between new, innovative and responsive players and lumbering, flat-footed banks and other financial institutions.”
Shanmugaratnam believes Singapore must not choose between established financial firms and agile Fintech startups. The country is embracing an ecosystem where innovation is encouraged. Where innovation thrives - regardless of the heritage.
Today, Singapore is home to over 300 Fintech startups. More than 20 global banks and other financial service firms have set up accelerators, labs and research centes. The Monetary Authority of Singapore (MAS), the lead regulator, is an important catalyst in Fintech innovation. MAS is not only encouraging change, they are working to create greater collaboration regionally and globally. Singapore wants to become the epicenter for Fintech for the world.
Shanmugaratnam said MAS will strive to bring VCs into the ecosystem to stimulate funding while shortening authorisations.
“Innovation will drive Singapore’s economic future. It will disrupt existing business models, but it is how consumers get better value, how new firms can scale up and grow internationally, and how we create quality jobs for our people,” said Shanmugaratnam. “This innovation village is part of this ongoing journey. It will, I am sure, nurture a new generation of technology entrepreneurs in the FinTech space. I congratulate Marvelstone once again for the successful launch of LATTICE80.