14 It offers a conducive physical space dedicated to the infrastructural needs of FinTech startups, here in the heart of Singapore’s financial district. It reduces costs for start-ups, gives them convenient access to data centre and other services, and even has a nursing room. 15 Let me cite two FinTechs starting up residence here in LATTICE80: Percipient, a local start-up, has successfully developed a customised digital solution for the State Bank of India. Percipient’s big data technology allows for efficient management of the bank’s database of over 500 million accounts, and translating into large potential cost savings. Sparks Systems builds new generation trading platforms for hedge funds, banks, financial institutions and other high volume institutional participants in the foreign exchange market. It aims is to develop an efficient market place for emerging market FX. 16 This innovation village also promotes collaboration and co-creation. Even in an age of Tweets and Snapchats, face-to-face interaction remains a source of new ideas, and a way to suss out potential partners. 2/3  BIS central bankers' speeches  R3 LRC, a specialist in distributed ledger research supported by a consortium of more than 70 financial institutions, will set up its first physical presence here. R3 Asia Lab will promote the cross-pollination of ideas between Singapore FinTechs and leading technologists around the world. The Fintech Association Singapore, another resident here, is a cross-industry initiative to facilitate collaboration among all stakeholders in the FinTech ecosystem.

Tharman Shanmugaratnam: Financial technology (FinTech) transforming financial services in Singapore Speech by Mr Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore, at the Launch of LATTICE80, Singapore, 10 November 2016. * * *  Introduction 1 Good morning. Thank you for inviting me to join all of you. Let me begin by congratulating Marvelstone on the launch of LATTICE80. 2 It is the first innovation space in Singapore dedicated to and designed specifically to support FinTech. LATTICE80 is also the first not-for-profit private sector initiative in this business of nurturing start-ups. The FinTech Phenomenon 3 FinTech – or financial technology – is transforming financial services, both from within established financial institutions and from outside the regulated sector through new, FinTech players. 4 When FinTechs first came to global prominence, it was tempting to cast this as a battle between new, innovative and responsive players and lumbering, flat-footed banks and other financial institutions. 5 The real picture is more nuanced, mainly because the incumbents have not been sitting still: Many of them are investing heavily in technology to streamline and optimise entire swathes of operations. For example, several initiatives are underway among banks to tap on distributed ledger technology to achieve swift, seamless and secure trade settlement. Several financial institutions have set up in-house FinTech units to replicate the start-up culture. They are also collaborating with and, in some instances, buying over promising FinTech companies. 6 And not many technology companies aspire to become financial institutions.