PayPal Launching Fintech Incubator in Singapore
PayPal, one of the pioneers of the financial technology industry, is launching a new incubator in Singapore.
The combination of PayPal and Singapore will bring together two fintech powerhouses.
PayPal has been around since the inception of the industry, while Singapore is a well-developed nation on the cutting edge of technology and finance.
The announcement of the incubator by PayPal said the program hopes to “develop and nurture the next generation of fintech startups.”
Singapore is likely viewed as a hotbed of financial technology activity and rip for new ventures by PayPal. Although Hong Kong is traditionally viewed as the “port into Asia”, over the past decade or so Singapore has risen to challenge this claim.
Now that Singapore has outpaced Hong Kong in many ways, it is taking the next step and developing its fintech industry.
The application window to be included into PayPal’s incubator began earlier this month a will end on May 25.
The announcement detailed the advantages of joining the incubator, which include having access to PayPal’s extensive resources and other inside industry knowledge.
In order to be eligible, fintech startups must have a minimum viable product (MVP) with early trial customers, have seed funding and be based in Singapore or be willing to relocate. Startups working at the incubator will have access to coworking spaces, industry experts, PayPal executives and coaching and mentorship.