KPMG to Launch First Embedded Finance Hub in Singapore

KPMG announced plans to launch Singapore's first embedded finance hub to provide incubation support to enterprises and financial institutions by matching participants across the industry and providing knowledge in specific areas of embedded finance.

The hub is set to run for at least two years and is expected to provide incubation support to over 120 non-financial enterprises and financial institutions looking to make inroads into financial areas.

This could involve working with companies to co-create digital assets to drive developments for payments, gamification of finance, decentralised finance and platforms.

The hub will work with the Monetary Authority of Singapore (MAS) and the broader ecosystem to accelerate the adoption of embedded finance in Singapore.

"The next phase of the fintech disruption is moving beyond open banking to embedded finance. This unleashes new opportunities to create ecosystems for financial services to develop their as-a-service business and work with corporates to partner for new embedded finance initiatives," said Anton Ruddenklau, Partner, Global Head of Innovation, Financial Services, KPMG International.

Sopnendu Mohanty, Chief Fintech Officer, MAS said: "Embedding relevant financial services in the user journey of non-financial services industries can enhance convenience and value to both customers and businesses. We look forward to KPMG's Embedded Finance Hub nurturing and accelerating growth in embedded finance across different industries."