Major international audit consultancy indicates the hub is intended to enhance collaboration between finance and non-finance.
KPMG has launched an embedded finance hub in Singapore as a way of supporting over 120 financial and non-financial firms in areas such as payments, blockchain, lending, insurance, and wealth management, according to a statement released by the consultancy.
Among others, the non-financial firms comprise companies in the healthcare, agriculture, technology, media, telecom, and retail sectors.
«Embedding relevant financial services in the user journey of non-financial services industries can enhance convenience and value to both customers and businesses,» said the Monetary Authority of Singapore’s chief fintech officer Sopnendu Mohanty. «This requires partnerships between financial institutions and businesses, underpinned by trust and technology.»
KPMG will manage the hub with plans for it to operate for at least two years.
