LATTICE80 and Nordic Finance Innovation Partner to Bridge Asia and the Nordic’s Fintech Ecosystems
LATTICE80, the world’s largest fintech hub wholly owned and operated by private investment firm Marvelstone Group, has signed a memorandum of understanding (MOU) with Nordic Finance Innovation (NFI) based on a mutual agenda of promoting innovation in financial services in their respective markets. LATTICE80 and NFI believe that through cooperation with each other they will be able to bridge the fintech ecosystems between Asia and the Nordics. Chris Skinner, Chairman of NFI, will be actively involved in overseeing the partnership.
The agreement will include six broad benefits to each party: raising awareness of fintech potential between Asia and the Nordics (including via online platform The Fintech Brief by NFI – www.thefintechbrief.com); office space sharing; events collaboration; in-country exclusivity (LATTICE80 and NFI will be exclusive fintech hub partners in their respective markets, i.e. Norway and Singapore); exchange programs for members; and the leveraging of mutual contacts and networks. The agreement is effective immediately.
Joe Seunghyun Cho, CEO of LATTICE80 and Chairman of Marvelstone Group, said: “We are delighted to join forces with NFI, our first partner in Europe, in our mutual ambition of bridging the fintech ecosystems between the Nordics and Asia. I’ve been working closely with the NFI team recently and it’s a pleasure to be able to assist each other on this journey. We look forward too welcoming fintech startups from the Nordics to Singapore and our other hubs in Asia, and vice versa – we are certain our fintech startups in Asia will be thrilled by the opportunity to experience the Nordic culture, business and regulatory environment, and networking opportunities.”
Iren Tranvåg, CEO at NFI, said: “Nordic Finance Innovation wants to build global bridges together with LATTICE80 to strengthen our relationship with the Asian market by being present, through exchange programs, organizing common events and sharing knowledge about the fintech developments that are shaping the future. We believe that there is a good match when it comes to business culture combined with a drive force to innovate. With these characteristics, they may be used to cooperate as a test environment for new services and provide access to the wider markets of Nordic and ASEAN respectively.”
The Nordic region’s future as a fintech hub shows great potential. According to the Innovation Delivered: Fintech Disruptors 2017 Report sponsored by DNB, 72 per cent of respondents expect the Nordic region to be the world’s leading hub by 2020. Meanwhile, 42 per cent of Nordic financial institutions surveyed want to expand their existing partnerships with fintech firms in addition to the 74 per cent that want to create new partnerships, a finding that suggests a healthy relationship between banks and fintechs. Finally, 42 per cent of Nordic banks surveyed also intend to set up fintech incubators, nearly double the 24 per cent of banks seeking to create incubators across the rest of Europe.
Singapore is widely seen as one of the world’s leading fintech hub alongside London and New York. The Monetary Authority of Singapore (MAS) recently set up a regulatory sandbox framework for the testing of fintech innovations in a more free, safe, and controlled environment. On the development side, MAS organized the Singapore Fintech Festival, the world’s first large-scale gathering of various fintech players, and has committed S$225 million (US$162.5 million) over the next five years to attract fintechs to set up their innovation labs in Singapore. Various grants and schemes are available for fintechs to tap on.