SINGAPORE (Nov 14): Lattice 80 has recently moved from 80 Robinson Road but the space dedicated to fintech startups at the same location has tripled.

For the past year, Lattice80 has built a reputation as a provider of space for fintech start-ups to work together. It took up 30,000 sf across two floors at the building. 80RR, which serves a similar purpose, will occupy the entire building with some 100,000 sf of floor space in total.

“No innovation ecosystem is complete without physical spaces to facilitate experimentation and collaboration,” says Ravi Menon, managing director of the Monetary Authority of Singapore at the opening address of the second Singapore Fintech Festival on Tuesday.

“The fintech startup space has become a lot more vibrant. More than 400 fintech enterprises have set up base in Singapore. We have startups experimenting with new ways to pay, save, invest, buy insurance, and plan for retirement,” he says.

This downtown location means the Fintech startups have easy access to explore collaborations with the existing numbers of banks and other financial institutions already in the vicinity.

“Financial institutions are no longer the laggards and technology dinosaurs of popular myth. Many CEOs today can carry on an intelligent conversation about blockchains without looking at their notes – this is a big change from just two years ago,” says Menon.

Singapore wants to be the place where these financial institutions test, develop and apply new technology solutions.

In addition, MAS is allocating $27 million as funding for a dedicated Artificial Intelligence (AI) & Data Analytics Grant. This money is part of the $225 million Financial Sector Technology & Innovation Scheme announced earlier.

“It will support the adoption and integration of AI and data analytics in financial institutions as well as the up-skilling of the financial sector workforce in these areas,” says Menon.

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