Source: Channel News Asia

Singapore: Visa opened its Singapore innovation centre – a 7,000-square-foot facility that will allow the firm to work with its clients, partners and developers to come up with payment and commerce solutions – on Thursday (Apr 28).

The innovation centre at Robinson Road is the first in a network of new innovation centres the company is opening around the world later this year and in 2017. It builds on the success of Visa’s flagship innovation centre which opened in July 2014 in San Francisco.

President of Visa, Ryan McInerney said the company aims to make commerce and shopping simple and easy for both consumers and businesses through its drive for innovation.

“The way that we all shop, the way that we buy, the way we interact with these devices is fundamentally changing how we live our lives. Increasingly, the point of sale is moving from a storefront to our pocket, to our phones, to our jewellery, to our cars, to the way that we live our lives through these connected devices,” said Mr McInerney.

The centre aims to be a collaborative space where various stakeholders can come together to create commerce solutions, particularly on mobile and digital platforms, he said.

By providing access to Visa technology at the centre, such as Visa APIs and software developer kits through the Visa Developer Platform, clients and partners can experience real-time experimentation and rapid prototyping.

As the first innovation centre in Asia, the Singapore centre will also operate as a commercial gateway for Visa’s clients, partners and developers from across the world to extend their service offerings into Asia.

Dr Beh Swan Gin, chairman of the Economic Development Board (EDB), said this new innovation centre is “very much in line” with EDB’s strategic objective to position Singapore as the digital capital of Asia.

He added that Singapore is also building a “smart financial centre” where “technology will be used pervasively, to increase efficiency, to better manage risks and to create new opportunities”.

EDB is working closely with the Monetary Authority of Singapore to develop an eco-system for innovation, said Dr Beh.

“Through this eco-system, we believe Singapore can be the lighthouse for the commercialisation of new solutions before they are scaled globally,” he said.

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