- Linking Singapore and India’s ecosystems: The goal is to help link the community in Singapore and India, encouraging co-innovation in key new technologies.
- A multi-billion dollar market: India’s fintech market is forecast to be worth US$2.4 billion by 2020, a two-fold increase on the market size in 2016, according to KPMG.
- Supporting a vision with huge potential: Backing the Andhra Pradesh government’s vision of building India’s leading fintech and smart city hub.
SINGAPORE & ANDHRA PRADESH, Mar. 9, 2017 — Marvelstone Group, the private investment group behind the world’s largest fintech hub LATTICE80, has signed a memorandum of understanding with the Government of Andhra Pradesh in India to open the first LATTICE80 location outside of Singapore. LATTICE80 Vizag will be located in Fintech Valley Vizag’s Fintech Tower. As the largest city in the state of Andhra Pradesh, Vizag is already becoming home to some of India’s most innovative startup companies in the financial services space and beyond.
As part of the agreement, LATTICE80 will run training programmes to train 1,000 ICT professionals in India every year. The goal is to help link the community in Singapore and India, and encourage co-innovation in key new technologies such as digital and mobile payments, blockchain and distributed ledgers, Big Data, flexible platforms (API), and more. The new space is expected to open in Q3 this year.
“Less than four months ago, in November last year, we set up LATTICE80 in Singapore to fully support the government’s smart nation vision to transform into a smart financial centre. Now, we are happy to be part of the new Vizag-MAS (Monetary Authority of Singapore) partnership to support Fintech Valley Vizag and the Government of Andhra Pradesh in India. The goal is to bring together industry, academia and investors to innovate, co-create and build the fintech ecosystem,” said Gina Heng, CEO, Marvelstone Group.
“We see opportunities in Vizag to contribute in various ways. We are delighted to collaborate and launch LATTICE80 Vizag to benefit the fintech sector in India. By launching LATTICE80 Vizag, we want to facilitate knowledge sharing and establish partnerships between universities based in and affiliated to Singapore and Andhra Pradesh,” said Joe Seunghyun Cho, Chairman, Marvelstone Group.
“LATTICE80’s success will depend on the people and community that we bring together. With Singapore as our base, we hope to reach out to new markets for fintech startups to develop and collaborate. We are very happy to start our overseas journey with amazing fintech startups and partners. We thank the Government of Andhra Pradesh and Vizag Fintech Valley for giving us the opportunity to learn and grow together,” said Joel Ko, Managing Partner, Marvelstone Group.
India’s fintech market is forecast to be worth US$2.4 billion by 2020, a two-fold increase on the market size in 2016, according to KPMG. The state of Andhra Pradesh has the potential of 50 million fintech users, according to data cited by Fintech Valley Vizag.
“The Andhra Pradesh Government is not merely trying to create the right ecosystem for promoting fintech in the state, but to develop a whole fintech culture. It wants to conduct a series of events to promote fintech in the city and the state. LATTICE80 will help the government in the endeavour,” said J A Chowdary, special adviser to the Andhra Pradesh Chief Minister on IT.
The LATTICE80 philosophy is based on the physical structure of a lattice. It represents an open framework where companies can build upon one another’s strengths. LATTICE80’s objectives include helping fintech startups grow and expand their businesses, supporting existing corporates and financial institutions in their adoption of innovation, and serving as a bridge for both the public and private sectors.