Touted as the world's largest fintech hub, cracks have emerged in Lattice80 in Singapore.
Last week, rumors circulated in the tight-knit financial technology startup community in Singapore that something was up at Lattice80's high-profile Robinson Road premises.
In a sudden development, Hong Leong Holdings, which owns the building where Lattice80 is located, told Singapore daily «The Straits Times» that it is effectively booting the fintech hub.
«Hong Leong Holdings, the owner of the building at 80, Robinson Road, will be taking back the premises located on the 8th and 9th floors, which are currently licensed to Lattice80, with effect from December 1,» a spokesman for the realtor said.
Urgent Town Hall Meeting
News of the abrupt move, which reached Lattice80's fintech firms through unofficial sources such as WhatsApp chat groups, immediately raised uncertainties. Several affected parties told finews.asia that an urgent town hall meeting had been called with Hong Leong and the tenants to discuss the future of the fintech hub.
Lattice80 currently occupies 30,000 square feet across the two floors, with about 85 start-ups under it, as of August this year. Billed as «the world's largest fintech hub», it was founded last November and provides office space and infrastructure to firms which work on financial technology innovations.
Since its inception, the so-called worlds biggest fintech hub has played host to steady stream of VIP's and notable industry heavyweights. The prime minister of Holland and Switzerland’s Finance Minister Ueli Maurer have visited, along with many local dignitaries.
Not a Proper Company
The hub's founder and CEO Joe Seunghyun Cho (pictured above) told finews.asia earlier this year that Lattice80 is a special kind of fintech hub. «We aren’t merely a co-working-space or fintech accelerator,» said Cho.
«And we aren’t actually a proper company either, but more of a private independent organization that aims to be at the pulse of the fintech and startup community in Singapore and the whole world,» he added.
