Visa has opened up an innovation centre in Singapore. This is Visa’s first innovation centre in Asia Pacific.
The new slightly over 7,000 square feet facility in Singapore has been established as a destination for clients, merchants and partners to collaborate, design and prototype new digital payment experiences together with the growing global community of fintech developers across the region. According to a statement from Visa, the move comes as the payments industry shifts from plastic to digital and new entrants join traditional stakeholders in payment.
Visa's global network of innovation centres aim to enable clients to:
- Engage: The centre's immersive environment provides clients and partners with everything they need to work on new digital solutions that will address important business needs and opportunities
- Experience: Visa utilises human-centered design and new technologies to ensure any product development delivers real benefits for users
- Collaborate: Interact with Visa payment experts and access Visa technology, including APIs and SDKs available through Visa Developer Platform -- all in a physical space designed to encourage dynamic interaction, real-time experimentation and rapid prototyping
"Visa has put a tremendous focus on opening up its network literally and figuratively to help our clients and partners solve their business objectives," said Matt Dill, SVP of innovation and strategic partnerships and head of Visa Innovation Centre in Singapore.
"Sitting at a virtual crossroads of tech and finance, and a smart city at the centre of one of the world's most diverse and populous regions, Singapore is the ideal place to bring this collaborative approach to life," he added. Dill also helped launch Visa's San Francisco One Market Center and led commercial partnerships with large Silicon Valley companies prior to his Asia Pacific role.
Visa Innovation Centre Singapore is Visa’s client centre focused on digital strategy, experiences and human centered design. The facility occupies a new floor of the company’s regional headquarters and plays home to new and existing staff with solution, partnership, graphic design, product and technology backgrounds.
Visa’s innovation centre deploys human-centred design, hi-fidelity UI mock-ups and rapid prototyping as a method for identifying and addressing business challenges. The centres help companies understand how to leverage the Visa Network and Visa Developer Platform APIs to address their business objectives.
"We are pleased that Visa has chosen Singapore to set up its first innovation centre in Asia Pacific," said Beh Swan Gin, chairman of the Singapore Economic Development Board.
"The centre will focus on the development of leading-edge technology, new applications and business model innovation for clients and key partners in this region. Visa seeks to collaborate with the broader corporate ecosystem in Singapore, including start-ups. Visa's decision is a strong affirmation of Singapore's growing role as an innovation hotbed in this region," he added.
Last year, fintech investments globally rose 75% to US$22 billion. In Asia Pacific, growth more than quadrupled to YS$4.3 billion, coming mostly from China (US$1.97 billion) and India (US$1.65 billion), according to Accenture. These investments mean those innovation startups with the most potential have more access to funding to bring their solutions to market than ever before.
"The pace of technological innovation across Asia Pacific is unprecedented and creating enormous opportunity for any company that touches the growing payment ecosystem," said Chris Clark, group executive, Asia Pacific, Visa.
"With the doors of the innovation centre in Singapore now officially open, we look forward to working alongside clients and partners to imagine and build the creative and leading-edge mobile and digital experiences Asia Pacific is known to deliver to the rest of the world."