SINGAPORE (Nov 10): Investment firm Marvelstone Group today launched its financial technology (fintech) initiative, Lattice80, which the group touts as the “world’s largest fintech hub” with a floor area of 30,000 sq ft.

The independent, not-for-profit initiative was formed with the objectives of helping fintech startups prototype, develop and expand their business models overseas; support existing companies and financial institutions in their adoption of innovations; and form public-private partnerships to further develop new tech & financial infrastructure.

Singapore’s Deputy Prime Minister (DPM) and chairman of the Monetary Authority of Singapore (MAS), Tharman Shanmugaratnam, was present at Lattice80’s opening at 1 George Street on Nov 10.

In his opening speech, Shanmugaratnam notes a “growing fintech ecosystem” in Singapore where the strategy is not to choose between financial institutions and new fintech players — but to provide the conditions for both to innovate, compete, and collaborate together.

“Lattice80 is an important addition to this ecosystem for fintech,” says Shanmugaratnam.

Aside from offering a conducive physical space dedicated to the infrastructural needs of fintech start-ups, he also believes the initiative will reduce costs for start-ups by them convenient access to a data centre and other services.  

“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,” Shanmugaratnam concludes.

“This innovation village (Lattice80) is part of this ongoing journey. It will, I am sure, nurture a new generation of technology entrepreneurs in the fintech space.”