Global payments giant Visa has opened its transformed Singapore Innovation Center, a dedicated space for partners, clients and businesses in Asia Pacific.
With the revamped center, Visa aims to engage with stakeholders “to co-create payments solutions ahead of demand, deliver scalable innovation and address the biggest challenges and opportunities in digital payments in the region”.
The Visa Singapore Innovation Center aims to showcase the powers of developing technologies such as artificial intelligence (AI) in retail and payments, reimagine modern credentials for enhanced security and convenience, and serve as a springboard for thought leadership in decentralised and embedded finance, offering tailored solutions for businesses and fostering innovative collaborations with startups.
Four key highlights for the center include expediting speed and convenience of biometric payments including developing the pay-by-palm technology, which is still in early adoption stages in China and the US; shop online and offline through augmented reality (AR) and AI; modernising business payment flows to unlock growth; and harnessing data to drive informed decision-making and strategic planning.
“At Visa, we’re bringing ideas to life in a way that’s truly unique to the Singapore Innovation Center, a dynamic hub where we transform innovative concepts into practical solutions,” said Stephen Karpin, president, Asia Pacific, Visa.
“We’re dedicated to helping businesses discover valuable insights early so they continue to stay ahead in the rapidly digitalising payments landscape. By combining our expertise with cutting-edge technology and solution architecture, we work alongside our partners to materialise solutions that address payment challenges, driving real business value and growth for our clients.”
“The Visa Singapore Innovation Center deepens the longstanding partnership between Visa and Singapore, and enables Visa to tap into our vibrant innovation ecosystem to develop new solutions and create new business opportunities for the global market. We look forward to strengthening and expanding this close partnership with Visa and also hope to encourage more global companies to undertake such activities in Singapore.” said Png Cheong Boon, chairman, Singapore Economic Development Board.
