KPMG hub will provide incubation support to financial and non-financial enterprises planning to enter the embedded finance arena
KPMG launches embedded finance hub in Singapore. Source: kyber.network
KPMG is opening an embedded finance hub in Singapore. It will provide support to companies looking to start operations in financial areas such as payments, blockchain and lending.
The unique hub is set to run for at least two years and provide incubation support to over 120 financial and non-financial entities. KPMG’s financial services experts will also provide best practices and venture acceleration support to all participants. In addition, startups can test their innovations at the hub, gaining feedback from their fellow participants.
Furthermore, the embedded finance hub will facilitate collaboration between non-finance sector players and the FS sector. Thus, tested services and APIs can be embedded in external channels and applications.
The organisers believe embedded finance is the next stage of fintech disruption that brings new opportunities to financial service ecosystems. It has already started to streamline financial processes in both consumer and business commerce by reducing barriers to entry for various products and services.
Besides, according to Oracle’s estimates, the value of the embedded finance market is expected to exceed $7 trillion in the next 10 years.
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