The rules governing venture capital firms (VC) are being reviewed by the Monetary Authority of Singapore (MAS) to make it easier to simplify and shorten the authorisation process for new venture capital managers, said Deputy Prime Minister Tharman Shanmugaratnam yesterday.
Mr Tharman was speaking at the grand opening of the world’s largest fintech hub at 80 Robinson Road called Lattice80, where 4xLabs will soon be based.
“We recognise that VC funds and fund managers are typically smaller in size and headcount than traditional asset managers. But they contribute in a different way, by supporting entrepreneurship and innovation in Singapore and the region,” MAS chairman and Deputy Prime Minister Tharman Shanmugaratnam noted.
MAS is also studying whether existing incentives for funds and fund managers, which have been successful in attracting traditional asset managers to set up in Singapore and to grow over time, are suitable for anchoring VC funds and fund managers here too.
Lattice80’s Chief Executive Officer Joe Cho said, “ We are fund managers ourselves. We’ve been here for 10 years. We set up management companies many times. So definitely this will help foreign investors to come to Singapore. And it will make it much easier to set up a shop here.”
Lattice80, a fintech hub aims to create an ecosystem for start-ups in financial technology. Mr Tharman also commented on Singapore’s aim to develop the country as a hub for fintech stating that “Singapore’s strategy is not to choose between financial institutions and new FinTech players but to provide the conditions for both to innovate, compete, and collaborate. Our aim is to create a FinTech ecosystem where innovation thrives. This is an ecosystem comprising the innovation centres of our financial institutions, the mushrooming FinTech start-up scene, our institutes of research and higher learning, the VC/PE community of investors, and connectivity to regional markets.”
After the official launch, DPM Tharman was taken for a tour around the hub, where he met up with the 4xLabs team and chatted with them about the business. Check out the video below for a sneak peak of our new work space and the team behind Get4x!
Watch the video in English here.
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