Vizag to be THE next Indian Fintech destination Hub-Lattice80

Vizag to be THE next Indian Fintech destination Hub-Lattice80

Posted by M.Venkatesh on August 11th 2017

Singapore-based Fintech hub Lattice80,owned & operated by private investment firm Marvelstone Group, announced its plans to open an office in India first by the end of next month. According to the Singapore-based fintech hub, India’s Fintech market is forecasted to be worth US$2.4 billion by the year 2020, a figure which is a two-fold increase of the market size in 2016.

The firm is in discussions with more than 30 tenants for the 30,000 sq.ft space in Visakhapatnam ,  Chief Executive Officer Joe Seunghyun Cho said in an interview with Bloomberg. The hub can host as many as 100 tech start-ups, he said.
 

 
“While it is difficult to find good engineers for tech start-ups globally, there are millions of them in India,” Cho said. “The pool is strong and deep, and labour costs are low. The country is one of the best places to build tech resources.”
 
Founded in November 2016, Lattice80 says it is the world’s biggest fintech hub, providing office space and infrastructure to 85 start-ups in Singapore. The space also houses the Singapore office of R3, the consortium of global financial firms developing blockchain applications. Some of the firms taking space in Visakhapatnam are already operating in the Singapore hub and are seeking to expand overseas, Cho said. Among them are Miss Kaya, an online bank for women, and robo-advisers Bambu and Smartfolios.
 
The India office is part of a global expansion strategy, Cho said. The company plans to open an office in the Middle East this year, then branches in London, New York and Silicon Valley in 2018. He is also in talks to with other Asian cities, including Hong Kong, Jakarta, Bangkok and Ulaanbaatar. 
 
The Govt. of Andhra Pradesh early this year had stated its plans to develop Visakhapatnam as a fin-tech hub of the country and also transform Vishakhapatnam into India's first "cashless" city. The the government of Andhra Pradesh represented by Chief Minister Mr Chandrababu Naidu  had earlier signed a memorandum of understanding (MoU) to this effect  with Lattice80 in March 2017. The government has also signed MoUs with five global companies to set up academies in fintech domains like analytics, security, and blockchain. 

 

 

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