Fintech in Asia gets a boost: Visa opens innovation centre in Singapore
It will provide its partners access to Visa APIs and software developer kits (SDKs) available through the company’s Visa Developer Platform
Visa has announced it has officially opened an innovation centre in Singapore, its first in Asia, in a move to ride and leverage on the rising fintech wave.
This 7,000 square feet facility, located at level 8 of Visa’s office at 71 Robinsons Road, will provide Visa partners access to Visa APIs and software developer kits (SDKs) available through the company’s Visa Developer Platform. The space will be staffed by Visa technologists and business leaders, said a press release.
It will operate as a commercial gateway to enable Visa partners from across the world to build market-relevant payment and commerce solutions that extend their service offerings into Asia.
“We are pleased that Visa has chosen Singapore to set up its first innovation centre in Asia Pacific,” said Dr. Beh Swan Gin, Chairman of the Singapore Economic Development Board.
“The centre will focus on the development of leading-edge technology, new applications and business model innovation for clients and key partners in this region.”
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Last year just within APAC, fintech investments more than quadrupled to US$4.3 billion — with the bulk of it coming from from China (US$1.97 billion) and India (US$1.65 billion) — a good indicator that opportunity is ripe for Visa.
“Visa has put a tremendous focus on opening up its network literally and figuratively to help our clients and partners solve their business objectives,” said Matt Dill, Senior Vice President of Innovation and Strategic Partnerships and Head of Visa Innovation Centre in Singapore, in a press statement.
“Sitting at a virtual crossroads of tech and finance, and a smart city at the centre of one of the world’s most diverse and populous regions, Singapore is the ideal place to bring this collaborative approach to life.”
In July 2014, Visa opened its flagship innovation centre, One Market Center, in San Francisco. It aims to open up additional innovation centres across the region later this year, and in 2017.
The eventual goal of these initiatives is to ensure that every Internet-connected device, appliance or wearable, can become a secure place for commerce.
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