World’s largest FinTech Hub, LATTICE80 has set its eyes on the burgeoning startup ecosystem in India. Marvelstone Group, which is the private investment group behind LATTICE80, has recently entered into a memorandum of understanding (MoU) with the Andhra Pradesh government to open the first LATTICE80 office outside of Singapore.
Singapore-based Marvelstone is a renowned private investment group that specialises in developing investment strategies and invests in businesses that have a potential of becoming big in the future. While the group might have finance at its core, but it also boosts of having diversified investments in hospitality, media, real estate, trading and technology.
According to the MoU locked between the two parties, LATTICE80 Vizag will be located in Fintech Valley Vizag’s Fintech Tower. For the uninitiated, Vizag, which is the largest city in the state of Andhra Pradesh, is famous for housing some of India’s most innovative startups in the Fintech space.
LATTICE80 will also be taking on the responsibility of organising programs to train 1,000 Indian Information and Communication Technology (ICT) professionals every year. The main goal behind the association is to provide a platform for the community in Singapore and India to come together and drive co-innovation in new technologies such as Big Data, flexible platforms (API), digital and mobile payments, blockchain and distributed ledgers, and many more.
LATTICE80 is known for creating an ecosystem for FinTech startups to collaborate, connect and co-create. The mission of the independent not for profit hub is to offer FinTech companies the opportunity to tap on the rich network and resources to develop smart technologies and springboard to international success. It boasts an impressive technological infrastructure that corporate members can leverage and lay a foundation to create a truly unique world-class community.
Speaking at the Spring Conference 2017 in Andhra Pradesh, Gina Heng, CEO, Marvelstone Group, said, “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 center. Now, we are happy to be part of the new Vizag-MAS 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.”
According to the Singapore-based fintech hub, India’s Fintech market is forecast to be worth US$2.4 billion by the year 2020, a figure which is a two-fold increase on the market size in 2016.
Commenting on the MoU, Joe Seunghyun Cho, Chairman, Marvelstone Group said, “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.”
According to J A Chowdary, special adviser to the Andhra Pradesh Chief Minister on IT, the MoU signed with Marvelstone Group isn’t an effort towards just promoting Fintech ecosystem in the country, but a step towards encouraging and developing a whole Fintech culture of its own.
The hub in India is expected to open in Q3 this year.