Visa Inc. today announced the opening of its Singapore innovation center, the first in a network of new regional innovation centers that Visa is launching globally. The new 7,000 square foot Singapore facility will serve as a destination for clients, partners and developers, across the region, to work alongside Visa experts and jointly create the next generation of payment and commerce applications.
This builds off the success of Visa’s flagship innovation center, One Market Center, which was opened in July 2014, and is located at the company’s headquarter in San Francisco. Additional innovation centers will be opened in other regions later this year, and in 2017.
Accessible to both local and global clients, the new Singapore innovation center will provide Visa’s partners with access to Visa APIs and software developer kits (SDKs) available through the company’s Visa Developer Platform. A hands-on, real-time work space staffed by Visa technologists and business leaders, the center will operate as a commercial gateway, helping Visa’s partners to build market-relevant solutions that extend their service offerings into Asia.
“We are pleased that Visa has chosen Singapore to set up its first innovation center in Asia Pacific,” said Dr. Beh Swan Gin, Chairman of the Singapore Economic Development Board. “The center 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. Its decision to open a center here is a strong affirmation of Singapore’s growing role as an innovation hotbed in this region.”
According to Accenture, fintech investment in the Asia Pacific region has increased significantly from an estimated US$880 million in 2014 to nearly US$3.5 billion in the first nine months of 2015 — with 40 percent of investment deals specific to payments*.
“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 Inc. “With the doors of Visa’s Singapore innovation center 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.”
Visa Global Innovation Centers
As the payments industry shifts from plastic to digital and new entrants join traditional stakeholders in payments, Visa’s mission is to ensure that every Internet-connected device, appliance or wearable, can become a secure place for commerce. Visa’s global network of innovation centers are an important part of this mission to foster innovation by enabling clients to:
- Engage: The center’s immersive environment provides clients and partners with everything they need to work on new digital solutions — in a physical space designed to encourage dynamic interaction, real-time experimentation and rapid prototyping.
- Experience: Visa emphasizes a human-centered design approach where product development is customer-focused and delivers real benefits for users.
- Collaborate: Clients and partners can interact with Visa payment experts and access Visa technology. This includes APIs and SDKs available through Visa Developer Platform.
“Opening the doors to our first innovation center in Asia allows us to tap into the growing community of fintech developers across this important region in a much more hands-on way,” said Jim McCarthy, executive vice president, Innovation and Strategic Partnerships, Visa Inc. “We have put an enormous focus on opening up the Visa network – literally and figuratively – to help our clients and partners achieve their business goals, and we’re excited to tackle real-world challenges with them during this exciting period in payments.”
* Source: Accenture, November 2015, “Fintech Investment in Asia“
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit https://usa.visa.com/, visacorporate.tumblr.com and @VisaNews.