Singapore-based FinTech Hub LATTICE80 has signed a memorandum of understanding (MOU) with Nordic Finance Innovation (NFI) with an aim to promote innovation in financial services in their respective markets. Together, with their cooperation, they envision to bridge the fintech ecosystems between Asia and the Nordics. Chris Skinner, Chairman of NFI, will be responsible for overseeing the responsibilities associated with this collaboration.
Joe Seunghyun Cho, CEO of LATTICE80 and Chairman of Marvelstone Group, in an official statement, comments,
We are delighted to join forces with NFI, our first partner in Europe, in our mutual ambition of bridging the fintech ecosystems between the Nordics and Asia. I’ve been working closely with the NFI team recently and it’s a pleasure to be able to assist each other on this journey.
The agreement, which will be effective immediately, will deliver six broad benefits to both the entities. They are:
- Raising awareness of FinTech potential between Asia and the Nordics through various means including via online platform The Fintech Brief by NFI,
- Office space sharing,
- Event collaboration,
- In-country exclusivity, i.e. both the entities will be exclusive fintech hub partners in their respective markets, i.e. Norway and Singapore,
- Exchange programs for members; and,
- the leveraging of mutual contacts and networks.
Joe had added they are looking forward to welcoming FinTech startups from the Nordics to Singapore and their other hubs in Asia, and vice versa. He says their FinTech startups in Asia will be thrilled by the opportunity to experience the Nordic culture, business and regulatory environment, and networking opportunities.
This collaboration will prove to be a win-win for both. LATTICE80, with its expertise in fintech ecosystem, is already said to be the largest fintech hub in the world. Now, it will be seen expanding its presence in the Nordics through this partnership. And, considering the region’s potential as an emerging FinTech Hub, this agreement with Singapore, which itself is touted amongst the world’s leading FinTech Hub will provide the former an exposure to the Asian market and opportunities.
According to the Innovation Delivered: Fintech Disruptors 2017 Report sponsored by DNB, 72 per cent of respondents expect the Nordic region to be the world’s leading hub by 2020.
Iren Tranvåg, CEO at NFI, was quoted saying,
Nordic Finance Innovation wants to build global bridges together with LATTICE80 to strengthen our relationship with the Asian market by being present, through exchange programs, organizing common events and sharing knowledge about the fintech developments that are shaping the future.