Fintech startups fostered in Singapore
Singapore is well known for its global financial and fintech hubs, and it has attracted tech giant, PayPal, as the newest location for the launch of a new innovation lab – the first outside the United States.
The lab is fundamentally establishing and fostering a new generation of fintech startups within the region and within the PayPal incubator program. The program provides connections to top tier incubators, accelerators and VCs as a way of instigating and generating profitability for startups through payment processing and advice.
Fintech startups including OnePay, Prosecure.me and InvoiceInterchange are currently located in Singapore, utilizing the incubator environment and acting as key indicators of the industry commitment to the region itself.
PayPal’s Technology Center in Chennai, India has hosted a similar program since 2013 with Singapore hoping to establish the same level of success. The innovation lab aims to act as a point of reference between government agencies, small and medium enterprises (SMEs), industry associations and institutes of higher learning that encourages and facilitates innovation, research and development (R&D) and entrepreneurship within the Singapore business environment.
Key priorities for PayPal’s new innovation hub is facilitating a partnership with SMEs in the food and beverage industries to improve productivity through embedding digital payments into business operations. Three major universities within Singapore will be partnering with PayPal to achieve this outcome including the National University of Singapore, Nanyang Technological University and the Singapore Management University.