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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Startupbootcamp 2017: The Top 12 FinTech Startups on the Block

SINGAPORE: It has been an exciting 3 days at Startupbootcamp Fintech’s Singapore HQ, LATTICE80 this last weekend. Selection Days were on in which 19 startups from several countries took part. Early stage startups that have at least a beta product were invited for the selection process. 12 startups, from 8 different countries, have been finally chosen to be part of a 3 month accelerator programme.

The 12 startups will have access to Startupbootcamp’s masterclasses, corporate partners, desk-space at LATTICE80, investor access, and a host of other facilities to launch themselves towards a successful future.

A Demo Day in July will showcase the cohort’s learnings during the programme before investors, partners and mentors. The Monetary Authority of Singapore (MAS) will support the startups by providing guidance on regulatory matters.


Here’s the list: (India) The fastest way to buy, sell and collect payments everywhere within one unified AI interface.

Scalend Technologies (India) Securely integrate data from different sources, take decisions, get insights, and focus on actively acquiring and engaging with customers in real time.

Fugle (Taiwan) The best digital brokerage firm for self-directed investors. (United Kingdom) Collecting, aggregating & providing data on hedge fund and activist shorts to improve decision making.

Smart Trade (Japan) Smart Trade is a trading platform that offers a web & mobile interface to develop, use and share AI algorithms.

Tixguru (Taiwan) Brings the best trading experience to you by offering a quant platform & AI Robot advisor.

Welltrado (Lithuania) P2P lending metasearch engine, an innovative alternative investment marketplace.

Morakot Technology (Cambodia) Simple and reliable core-banking system for microfinance institutions and banks.

Small Ticket (South Korea) Remodeling the distribution channel in providing insurance products via its own P2P insurance service platform, based on connected groups and controlled risks.

CherryPay (Taiwan) Faster, cheaper and more convenient international P2P money transfer matching platform.

AIM (South Korea) Automated Investment Service, a mobile-first robo advisor that helps retail users manage their wealth.

SmartFolios (Singapore) Online advisory and investment platform empowering investors to meet their investment goals.


Good luck!

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The Open Vault at OCBC Accelerator 2017

SINGAPORE – The Open Vault at OCBC is launching a 12-week co-innovation accelerator, powered by TAG.PASS. This is an opportunity for those looking to work with a leading Singapore bank to build and offer solutions that address commercial challenges in the FinTech and InsurTech space.

The accelerator starts in May 2017 and will culminate with a Demo Day in Jul 2017. Thereafter, participants will be primed to continue into the pilot and implementation stages. The commercialisation of the solutions developed is the ultimate goal of the accelerator and it will provide participants with all the necessary support to achieve this objective. They will be provided with funds for POC and an opportunity to tap into OCBC’s Data Sandbox to experiment with real-life anonymised customer data to develop solutions that can be rapidly commercialised.

By joining OCBC and testing your solutions with a robust customer base in Asia Pacific, one can go to market with a refined product that addresses actual commercial problems. An opportunity to grow and scale.

To find out more about the programme, problem statements and potential solution themes, please visit If you are keen and feel that you are made for this challenge, please fill in the form at

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OKLink partners with Philippines leading payment network Ayannah

Partnership brings real-time, low cost money transfer services to the Philippines


Hong Kong, 20 January 2017 – OKLink, the blockchain-powered global settlement network, and Ayannah, the Philippines’ leading digital payment service provider, have signed a partnership agreement today to provide real-time remittance to the Philippines via cash, bank accounts or e-wallet.


Powered by Blockchain, OKLink’s settlement platform currently allows transfer companies worldwide to send money to the Philippines for only 0.5%, a rate that is significantly lower than incumbents. The partnership allows all 100+ companies on the OKLink network to make transactions within the same day to bank accounts; within 4 hours to cash pick-up locations across the Philippines; and real-time to mobile wallets via Ayannah’s mobile payment partner.


Founded in 2008, Ayannah operates the largest digital payment network in the Philippines, offering a host of digital financial services that focus on serving the needs of the unbanked. The company won this years’ Best Fintech Start Up at Visa and NextMoney’s Fintech Finals (FF17) in Hong Kong. Ayannah has served over 10 million customers through its physical agents and online presence. The company serviced US$150 million in remittances in 2016.


Miguel (Mikko) Perez, founder and CEO of Ayannah, comments on the partnership, “Ayannah provides affordable and accessible digital financial services to the emerging middle class. As the largest digital payment network in the Philippines, we are very pleased to partner with OKLink, the world’s leading blockchain settlement system to provide our customers all over the world with more affordable and convenient options to send money to the Philippines.”


Jason Lau, Vice President of Business Development at OKLink, said, “We are thrilled to work with Mikko and the entire Ayannah team on this partnership. We continue to pursue low cost instant transfers to every country in every payout form.”


Overseas remittances to the Philippines remains a key part of the country’s economy, equivalent to more than 10 percent of gross domestic product according to 2015 data from the World Bank.


About Ayannah
Ayannah is a leading provider of affordable and accessible digital financial services to the world’s emerging middle class, many of whom are migrants and/or unbanked. We enrich the lives of our customers by allowing them to send and share values over the social and mobile web. Ayannah operates several services that allow convenient online and mobile giving, selling and buying on an award-winning technology platform. Sendah is an online commerce service that lets migrants send a variety of gift items across borders. Sendah Direct is our electronic distribution and payment SaaS for enterprising individuals and retailers. Sendah Remit is a bank-grade remittance SaaS that allows inter-operable international and domestic remittance transactions across different networks. We operate a market-proven stack of digital financial services – from payments, commerce and analytics – serving our customers globally.

About OKLink

Launched in August 2016, OKLink is a next generation settlement platform provider that gives every remittance and payment company the same cost advantage, global reach, and speed that took Western Union many decades to build. The company leverages the trust of the blockchain to connect and enable transactions between transfer and delivery companies worldwide using blockchain anchored digital assets and multi-signature technology. OKLink is growing rapidly with a payout network that is currently available in 40 countries across Asia, Europe and the Americas.


For more information, please visit or follow the company on Twitter @OKLink.

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Marvelstone Tech launches FundEast to help SMEs maximize profit from trade transactions

Marvelstone Tech, a fintech platform under private investment group Marvelstone Group, has today announced the launching of FundEast, a fintech startup that does structured trade finance for Asia, this month. Tapping on its vast connections and deep domain knowledge, FundEast will help small and medium-sized enterprises (SMEs) facilitate their trade transactions at rates that are far more favorable than what current solutions can offer, helping them to maximize their profits and improve their working capital.

Despite SMEs in Asia reporting strong growth over the past year, most remain underserved and unserved by traditional financial institutions. This is because SMEs are usually unable to meet credit requirements, and interest rates are prohibitive. Alternative financiers, such as peer-to-peer and crowdfunded lending platforms, have also recently emerged to provide SMEs with easier access to loans. However, they only solve one part of the problem as these loans come at a cost that exceed those offered by banks.

“The vision for FundEast is to help underserved SMEs in Asia, where we can create a greater impact,” said Joe Seunghyun Cho, co-founder and chairman of Marvelstone Tech. “We will use technology to bring advanced services that only investment banks, like Goldman Sachs, used to offer. Big data will help us to manage credit risk better.”

Terry Cho, chairman of Marvelstone Tech Korea, also sees a big opportunity in basing FundEast out of Singapore. “Recently, SPRING Singapore launched a S$2 billion dollar loan programme for SMEs. This demonstrates how progressive the local government is when it comes to finance and business,” he said. “We believe that Singapore will continue to be Asia’s leading trade hub, and we want to play a part in that.”

For more information, please contact


About Marvelstone Group

Marvelstone Group ( is a private investment group that develops and invests in growing businesses. With finance as our core strength, Marvelstone Group also has diversified investments in technology, real estate, hospitality, trading, and media.

Connect with Marvelstone Group


About Marvelstone Tech

Marvelstone Tech is a fintech platform under private investment group Marvelstone Group. Through investments and venture building, Marvelstone Tech aims to become Asia’s first digital bank.


Connect with Marvelstone Tech


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Jae Kim /

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Paytm Developments in The Last Week

paytm launches marketplace payments bank uber parking tickets

Paytm, Indian e-commerce marketplace owned by One97 Communications, is enhancing their marketplace with 1,000 new brands, which includes Dell, Puma, Samsung, Samsonite, HTC and more, to help them in developing a stronger online presence

With their strong payments user base of about 125 million users, Paytm believes that they will be able to carve a percentage from the nation’s marketplace pie. Paytm aims to provide a seamless experience for both merchants and users through their platform.

Brands can design the looks of their own online stores. The platform grants brands the authority of controlling which merchants are allowed to sell their inventory. They can also run promotional campaigns specific to their own brands, plus are able to tag their physical stores to help channel traffic from their offline business to the platform. Besides that, the platform offers analytics which will help brands in devising the right strategies for user acquisition and boosting traffic. 

In the last few months, Paytm have been rolling out a series of new services and features. Paytm’s digital wallet has now extended to allow users to pay for their parking tickets by tying up with over 500 parking lots. Payments can be done as simple as scanning a QR code and making payments through the wallet. 

Besides that, Paytm has announced that they will be launching a payments bank this August, once approval is received from the RBI. For this, they have partnered with Wipro, an IT services company, to help build their core banking system. After the bank is set up, Paytm will offer current and saving accounts for both individuals and small businesses with a limit of 1 lakh rupees (approximately US$1503).

This comes after Uber’s recent announcement of a partnership with Alipay and Paytm, which allows Chinese and Indian travellers abroad the opportunity to catch an Uber through the payments app itself.

*Image taken from live mint

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