PayPal is offering a boost to Singapore’s the fintech scene and opening a new Innovation Lab in the city.
Through the programme the online payments processor will help local SMEs move into digital and mobile commerce by integrating digital payments and e-commerce capabilities.
PayPal will also launch a nine-month startup incubator programme targeting local fintech startups, which will offer mentorship from PayPal executives and networking opportunities for startups. The firm is already playing host to three startups in its Singapore Technology Center.
PayPal will also work with local universities for fintech research efforts in data mining, predictive analytics and artificial intelligence.
As a central hub in South-East Asia’s rapidly growing digital economy, Singapore is investing heavily to establish itself as a tech hub, especially in fintech. IBM and Standard Chartered Bank have also launched innovation labs in the city this year.
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