LATTICE80 Appoints Former Singapore Managing Director of ANZ Bank as Advisor

  • Special Advisor: Vinay will provide strategic insight and advice that will serve LATTICE80 in its global expansion, bridging Asian fintech with the rest of the world.

  • Veteran Banker Turns to Fintech: Over 27 years of banking experience, in roles including Managing Director of Singapore at ANZ Bank and various positions at Standard Chartered Bank across Singapore, Hong Kong, Dubai, Bahrain and India.

  • Network Effect: Brings with him strong network in the startup ecosystem via connections with funding platforms, venture capital firms, accelerators, angel groups, large-and-medium-size corporations and private equity.

SINGAPORE, Jun 19, 2017LATTICE80, the world’s largest fintech hub wholly owned and run by private investment firm Marvelstone Group, has appointed Vinay Agrawal to its board of advisors. Vinay is an accomplished banking professional with over 27 years of Asian banking experience across Asia Pacific and Middle East region. He will be advising LATTICE80 on a range of issues, primarily around how to expand the hub network globally to bridge Asian fintechs with the rest of the world.

Vinay worked with ANZ Bank for eight years based in Singapore. As Managing Director for the Bank’s Corporate and Institutional Banking, he was involved in the setup and significant growth of their platform in Asia Pacific. Prior to ANZ, Vinay worked in Standard Chartered Bank for 19 years. With these two institutions he worked in Singapore, Hong Kong, Dubai, Bahrain and India.

Joe Seunghyun Cho, CEO of LATTICE80, said: “We’re extremely pleased to welcome Vinay to our board of advisors. He brings with him a strong network in the startup ecosystem across the region thanks to his connections with funding platforms, venture capital firms, accelerators, angel groups, large-and-medium-size corporations and private equity. As such, we think he’s a perfect fit for LATTICE80 and look forward to working with him closely in future.”

Vinay Agrawal, Member of the Board of Advisors at LATTICE80, said: “I’m delighted to join LATTICE80’s advisory board. Through my years in the industry, I have developed a deep understanding of the financial services sector and deal making experience across capital markets, lending and trade finance, corporate finance, risk management, as well as fixed income and derivative markets.”

He added: “With strong skills in managing complex businesses, I bring with me a critical understanding of how to build ‘business value’. With this senior leadership experience and perspective, I hope to be in an excellent position to provide strategic insight and advice that will serve LATTICE80 and its various upcoming companies in the fintech space.”

Vinay is on the mentoring panel of Supply Chain Angels (SCA) and is a member of the Business Angel Network of South East Asia (BANSEA). He also serves as a Board Member & Hon. Treasurer for Heartware Network, a Singapore based not-for-profit charity that creates training and volunteer opportunities for youth. Since inception, it has engaged 59,000 youth volunteers.

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LATTICE80 and Nordic Finance Innovation Partner to Bridge Asia and the Nordic’s Fintech Ecosystems

  • Partnering For Fintech Growth: LATTICE80 brings it expertise in fintech ecosystem building to the partnership, already the largest fintech hub in the world (based out of Singapore) – and now with a presence in the Nordics through new NFI partnership.

  • The Very Best of Asian and Nordic Fintech: Singapore is widely seen as one of the world’s leading fintech hub alongside London and New York; meanwhile, the Nordic region’s future as a fintech hub shows great potential.

  • 6 Pillars of Fintech Success: The partnership will raise awareness of fintech’s potential between Asia and the Nordics; office space sharing; events collaboration; in-country exclusivity; exchange programs for members; and the leveraging of mutual contacts and networks.

SINGAPORE & OSLO, Jun 05, 2017 — 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.

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Global FinTech Hackcelerator 2017 powered by KPMG Digital Village wants you!

 

The Global FinTech Hackcelerator 2017, powered by KPMG Digital Village, is looking for innovative and exciting ideas to address problems faced by the financial industry.

We have 100 problem statements across three focus areas: Customer-Facing, Financial Inclusion, and RegTech, and a General category, and believe your experience and innovative solution has the potential to address them.

The top 20 teams shortlisted for the Global FinTech Hackcelerator can look forward to:

  • Working with real client owners to contextualise your solution to their needs
  • Market entry and/or expansion into Singapore and the Asia-Pacific region
  • Receiving guidance and support from industry experts, subject matter experts and regulatory bodies
  • Building and nurturing lasting relationships with a community of passionate professionals and game changers
  • Receiving a cash stipend of up to S$20,000

Applications for the Global FinTech Hackcelerator are now open and will close on 15 July 2017. To find out more about the programme and view the problem statements, please visit our official website at http://www.fintechfestival.sg/hackcelerator/!

What are you waiting for? Apply now at https://matchi.biz/hackcelerator-registration! or get in touch at innovation@kpmg.com.sg

You may apply to multiple problem statements, or submit a general application for any category. Do also share this with your networks or anyone who may be interested!

Thank you and we look forward to receiving your application!

Good luck!

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tryb Capital announces US$4M Strategic Investment into Chinsay AB, the Leading Independent Platform for Commodity and Freight Contracts

Chinsay AB, the leading cloud based platform for end-to-end administration of global commodity and freight contracts, has secured strategic investment of US$4 million from tryb Capital, a Singapore-based growth stage technology investor. The investment will be used to fund the continued development of Chinsay’s next-
generation product and expansion into Asian markets.

Chinsay’s platform offers a comprehensive suite of front-end tools and the opportunity to apply back-end APIs to enable clear productivity benefits to not only global traders, shipping companies and brokers but also ports, marketplaces and financial institutions involved in trade and trade finance. Chinsay sees a strong acceleration in growth in Asia alongside its major clients, which include the likes of ADM, Cargill, K Line, Noble Group, NYK, Rio Tinto, South32 and Unipec.

Magnus Böcker, Chairman and Co-Founder of tryb Capital stated, “Singapore’s position as a key shipping and trading hub made it more attractive for tryb Capital to invest into Chinsay. This is a great example of how innovative technologies from anywhere, in this case Sweden, can leverage Singapore as a growth platform into Asia.”

Dag Sundén-Cullberg, Founder and Chief Executive Officer of Chinsay commented: “Chinsay’s board and team see this as a great opportunity for the company to take in additional capital for the current expansion phase while staying fully independent and at the same time getting a strategically important shareholder with an active agenda in the technology industry. The tryb team’s experience and network within technology will benefit Chinsay greatly as we continue influencing and driving usage of new technology in the freight and commodities markets.”

tryb and Chinsay’s partnership is part of the growing interest in the digitisation of trade and trade finance and Singapore’s plans to become a leading Smart Financial Centre. Chinsay provides the opportunity to integrate into local trade ecosystems in Asia and optimise trading processes and workflows while providing enhanced big data analytics capabilities.

Markus Gnirck, Managing Director and Co-Founder of tryb Capital, added: “We believe in Chinsay’s growth potential as a core component of ASEAN and global trade infrastructure. We are looking forward to working with Chinsay to continue to develop defensible intellectual property.”

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7 things to know about Samsung and LG’s mobile payment announcements in Asia this week

Mobile payment via smartphones in Asia had two major announcements yesterday from Korean mobile phone manufacturers Samsung and LG.

Here’s seven things you need to know:

Samsung Pay launches in India

  1. Paytm partnership: The flagship mobile payments service of Korean phone manufacturer Samsung Electronics has been launched in India yesterday. In addition to the Magnetic Secure Transmission (MST) and Near Field Communication (NFC) enabled tap-and-pay solution, Samsung Pay has partnered with Paytm mobile wallet service and the National Payments Corporation of India’s United Payments Interface (UPI).
  1. Limited model support: The payments service will support the Galaxy S7, S7 Edge, Note 5, S6 Edge+, A5 (2016), A7 (2016), A5 (2017) and A7 (2017) models. A solution for lower end devices, especially those without fingerprint sensors, is expected in the near future.
  1. Banks on board: Samsung has partnered with various issuers and card networks, including Visa, MasterCard, American Express, Axis Bank, HDFC Bank, ICICI Bank, SBI Card and Standard Chartered Bank. Axis Bank powers the UPI solution which works for the P2P payments feature on Samsung Pay.

“Samsung Pay is highly secure through the signature KNOX Platform, fingerprint authentication and tokenisation. We have partnered with major banks and card networks to give our consumers the widest range of choices, and are working on bringing more and more partners on board soon.”

— Asim Warsi, Senior Vice-President, Mobile Business for Samsung India

  1. Now in 12 countries: Yesterday’s launch takes the total number of countries where Samsung Pay is available to 12, following its launch in August 2015. Apple Pay’s march into Asia has been visible only in Hong Kong, Japan and Singapore so far.
Credit: LG

LG Pay to launch in South Korea by June

  1. G6 support in Korea first: LG Electronics in an announcement yesterday said that it will be launching its own mobile payments system, LG Pay. The feature will be available first in South Korea by June 2017 on the company’s flagship G6 smartphone that was released in March this year.
  1. Dynamics partnership: With other smartphone leaders expanding with their own mobile payment services like Apple Pay and Samsung Pay, LG does not want to be left behind. The service will use the wireless magnetic technology created by US-based firm Dynamics Inc, with an experience akin to Samsung Pay’s tap-and-pay. This will allow the service to work with existing point-of-sale card terminals. The partnership with Dynamics was announced yesterday as well.

“We are in discussions with all eight credit card companies in Korea, and seven credit card companies have decided to participate in the LG Pay service.”

— LG statement

  1. Still unclear: LG has still not disclosed international expansion plans, while the G6 is scheduled for launch in the US some time April 2017. Neither is it clear whether the service will be free like Samsung’s, or fees will be charged on transactions as with Apple Pay.

LG’s technology is explained as “generating a magnetic signal from a mobile device such as a smartphone, and paying it to a general credit card terminal”. The global mobile payment market size is estimated to be around US$780 billion in 2017, according to TrendForce.

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LATTICE80, the World’s Largest Fintech Hub, Expands to India

SINGAPORE & ANDHRA PRADESH, March 10, 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.

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Global participation marks Spring Conference 2017 at Fintech Valley Vizag

Andhra Pradesh government aims to develop Vizag as national and global hub for fintech innovation

  • Over 150 start-up companies competed in four Fintech Challenges – 40% participants from across 15 countries
  • Over 30 international delegations attended event – including Singapore, Switzerland and Japan

Visakhapatnam, March 10, 2017: Setting the stage for Government of Andhra Pradesh’s ambitious initiative, #SpringConference 2017 was inaugurated at Novotel, Visakhapatnam yesterday. Fintech Valley Vizag is Government of Andhra Pradesh’s flagship initiative that brings together industry, academia and investors to innovate, co-create and build the fintech ecosystem. The Fintech Spring Conference 2017 marks the beginning of this journey. The primary objective of the event is to explore trends and opportunities in fintech. This is a platform where the finest minds of financial and startup community get to share mind-space with thought leaders, business leaders, artists, actors, musicians, futurists and entrepreneurs.

Offering full support to organisations, incubators, facilitators and start-ups, inviting anyone with disruptive ideas to be a part of Fintech Valley, on the edge of innovation, Hon’ble Chief Minister of Andhra Pradesh, Shri Nara Chandrababu Naidu interacted with delegates for an hour over video conference and took inputs from fintech community present at the Spring Conference. He will chair The Fintech Valley Forum setup to focus on various aspects of the ecosystem creation. While addressing the august gathering he said, “The Fintech Valley Spring Conference is our step in joining the Fourth Industrial Revolution which is a spectacular combination of technology and Internet of Things (IoT). In recent times, technology has started influencing our lives in a comprehensive manner. The demand for Fintech is growing each day. To meet this demand, we would need the support from Fintech and Cyber security companies. We also need the academic institutions to adapt curriculum that trains individuals to contribute to fintech sector.  I extend my best wishes for the success of the initiative and hope it provides multiple opportunities to meet the futuristic requirements of our country and the global economy at large.”

In his keynote address, Special Chief Secretary and IT Advisor to the AP Chief Minister, J. A. Chowdary stated, “Indian IT 1.0 is facing difficulties. The next flight towards IT 2.0 will be backed by fintech. The tectonic shifts this will cause and entail is captured by the expression ‘fintectonics’. It is a fintech culture we are creating here – a culture of doing something for the betterment of the common man, a culture of creating an ecosystem by getting the right industry linkages and finding the right formula for the critical manpower.” Present on the dais were Roy Teo, Director, Fintech & Innovation Group, Monetary Authority of Singapore (MAS); Utkarsh Palnitkar, Partner KPMG; George Inasu – COO, Fidelity Financial Services; Puneet Pushkarna, Chairman, TIE – Singapore and Joe Seunghyun Cho – Co-founder and Chairman, Marvelstone Group.

To accelerate the evolution of Fintech Valley, the Government of Andhra Pradesh (GoAP) has also initiated a fintech networking event every month, in addition to the annual fintech international flagship event. This year, on October 9-10, the government will host the Blockchain Technology International Event. The flagship Global Fintech Summit will take place on Feb 19th & 20th, 2018. This event provides the opportunity to participate in the $1 million global fintech award challenge and the INR 1 crore Indian fintech award challenge.

An invigorating Investment Panel Discussion on ‘Funding Fintech – wearing an investor’s hat’ was moderated by P. S. Sreekanth, Investment Director, Hyderabad Angels; Sampath Iyengar, Partner, Forum Synergies; Abhinav Chaturvedi, Principal, Accel Partners; Prasad Vanga,  Founder and CEO, Anthill Ventures; Utkarsh Sinha, Enterprise Technology Investor, Bitkemy Ventures; Puneet Pushkarna, Chairman, TiE – Singapore and Utkarsh Palnitkar, Partner and National Head IGS Advisory Management, KPMG. Beginning the discussion with the post demonetization scenario, the panelists sustained their dynamic dialogue in identifying fintech investment portfolios with high RoIs.

Additionally, the finalists’ demos and presentations for the ICICI Bank Start-Up Challenge & the HDFC Life Start-Up Challenge were showcased to the audience, wherein the competitors took questions from the judging panelists. Following this, another Banking Panel Discussion on ‘Consumers and Marketplaces changing in an increasingly cashless world’ was moderated by Ms. Neha Punater, Partner and Head Fintech, KPMG. Key panelists Akhil Handa, Advisor to MD & CEO, Bank of Baroda; Shashi Bhushan, Managing Director, Investment Management Technology, Goldman Sachs India; Ramesh Loganathan, Professor, IIIT Hyderabad and Sudin Baraokar, Head of Innovation SBI discussed challenges faced by start-ups in being unable to identify and direct resources towards the accurate fintech problem area. They also proposed the need to create a consolidated industry-wide ‘use case’ library to facilitate innovation. Neha Punater – Partner and Head, Fintech at KPMG in India said, “The fintech innovation challenges hosted at the event was a tremendous success. We received 150 applications from 15 countries across the globe including India. Through the Knowledge Partner association with Fintech Valley Vizag we are creating a vibrant ecosystem of partner start ups, BFSI players, investors, mentors, academia that would spur innovation in Vizag.”

Furthering collaboration towards developing this ecosystem, the Government also signed a partnership agreement with LATTICE80, Pearson, Anthill Ventures, HackerEarth, F6S, Forum Synergies, Hyderabad Angels, Zone Startups, ParadigmIT and Trade Land Finance Tech Consortium (TLF).

The first Fintech Valley Vizag Spring Conference brought together fintech companies, start-ups, researchers and key government officials working in the fintech sector and provided opportunities for disruptive business solutions. The peaceful atmosphere offered by Visakhapatnam compared to other bustling tech-hubs in India, created a serene environment for igniting fintech innovation and disruption ideas at the Fintech Valley Spring Conference. Fintech Valley Vizag is rapidly becoming the epicentre of fintech disruption. Since the launch of Fintech Tower, the Andhra Pradesh government has signed numerous partnership agreements with renowned educational institutions, corporations and governments that share the state’s vision of becoming pioneers for building strong standards for fintech and mutually sharing the desire in working towards cooperative advancement through information and resource sharing.

 

 

About Fintech Valley Vizag

The next wave of digital disruption in Fintech and innovation is taking place in Fintech Valley Vizag

The Fintech Valley brings together public and private players, state of the art incubators and accelerators, innovation labs, mentorships, angel investors and anyone willing to break free from traditional processes. The self-sustained global Fintech Ecosystem provides more than just access to Fintech and its innovators; it nurtures an oasis in which cyber security, block chain, digital education and research thrive at international standards. The Fintech Valley was built to equip individuals and businesses with a unique set of opportunities to grow through enabling market access for start-ups to angel investors, and providing world-class infrastructure, funding, human capital and innovation.

Driven by Chief Minister Nara Chandrababu Naidu’s vision to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services, the recently established Fintech Valley is a playground for start-ups and innovators looking to disrupt traditional business processes.  Vizag is set in the #1 ranked state for ease of doing business and boasts a strong IT industry with a turnover of Rs. 2,000 crore, supported by a robust industrial base and educational infrastructure that is continuously expanding. Fintech Valley is the destination in India to achieve unmatched business goals and successes that can compete internationally.

 

About Spring Conference 2017:

Fintech Valley Vizag is Government of Andhra Pradesh’s flagship initiative that brings together industry, academia and investors to innovate, co-create and build the Fintech ecosystem. The Fintech Spring Conference 2017 marks the beginning of this new journey. Spring conference have delegates from Fintech companies, start-ups and financial services. Startups who have participated in the Fintech Startup Challenge 2017 are exhibiting their demos at the conference. Startups from Singapore, UK etc. will also participate in the conference.

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