by Fintechnews Singapore
Home to more than 600 fintech startups and over 40 innovation labs, Singapore is one of the world’s leading fintech hubs and Southeast Asia’s undeniable fintech leader. With so much fintech activities, it is no wonder that we’re seeing demand for coworking spaces that are fintech dedicated.
2019 saw many developments in the local fintech landscape, including the launch of new regulations like the digital banking licenses, the successful inaugural SFF x SWITCH event, which drew more than 60,000 participants, as well as the launch of the National Artificial Intelligence (AI) Strategy.
Fintech investments in Singapore crossed the billion-mark last year, with companies in the sector raising about US$735 million (S$1 billion) in the first nine months of 2019, according to an Accenture study. The amount represents a sharp increase of 69% compared with the prior-year period at US$435 million.
Singapore’s rise into one of the world’s top fintech hubs can be partly attributed to the numerous initiatives coming from both the private and public sector to create a favorable environment for fintech startups and entrepreneurs to thrive. These initiatives include the various acceleration, incubation and startup programs, as well as the numerous networking events, and trade group associations that make up the domestic fintech ecosystem.
Today, Singapore is home to a large pool of co-working spaces dedicated to fostering innovation and helping bring together like-minded people. In addition to the more generic brands and companies such as WeWork (the market leader), and IWG, the city state also has several locations specifically targeted at fintech startups.
The following are the top four co-working spaces in Singapore for fintech startups.
80RR Fintech Hub SG
80RR Fintech Hub is a joint effort between Hong Leong Holdings, the Monetary Authority of Singapore (MAS) and Singapore Fintech Association. The initiative aims to provide an affordable coworking space within the Central Business District (CBD), which the organization says “is essential for collaboration and networking for industry players in the fintech ecosystem.”
80RR Fintech Hub was launched in 2017 to support Singapore’s flourishing fintech industry, and currently counts some 60 fintech companies from diverse countries and backgrounds.
Founded in 2011 and headquartered in Singapore, JustCo is a leading premium flexible workspace provider operating across the Asia Pacific (APAC) region.
In addition to offering collaborative work space for freelancers, startups and established companies, JustCo also connects dynamic entrepreneurs, startups and corporations through networking events, and creates strategic partnerships for its members and partners to gain insights, collaborate, and help each other.
In Singapore, JustCo has 17 locations. Besides the city state, JustCo also has co-working spaces in Australia, China, Indonesia, South Korea, Taiwan and Thailand.
American commercial real estate firm WeWork officially opened its first space in Singapore back in 2017. Since then, the company has rapidly expanded to now operate 12 locations across the city-state.
WeWork’s Singapore co-working spaces provide entrepreneurs, freelancers and startups with dedicated spaces and meeting rooms, as well as personalized support from onsite staff. The WeWork office at the MYP Centre Building even features a mini-gold play zone and its members include private equity investor Armstrong Asset Management and event management software company EventBank.
WeWork currently has more than 20 locations across Southeast Asia, including in Indonesia and Thailand.