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Credit card provider Visa has opened its Singapore innovation center, the first in a network of new innovation centers that it plans to open around the world. The new 7,000 square foot facility has been established 'as a destination for clients, partners and developers across the region to work alongside Visa experts and jointly create the next generation of commerce applications,' Visa said.

Visa says the center would build on the success of its flagship innovation center, opened in July 2014 at its headquarters in San Francisco. 'Accessible to both local and global clients, the innovation center in Singapore will provide Visa partners access to Visa APIs and software developer kits (SDKs) available through the company's Visa Developer Platform,' Visa said.

'A hands-on, real-time work space staffed by Visa technologists and business leaders, the innovation center in Singapore will operate as a commercial gateway, helping Visa partners from across the world to build market-relevant payment and commerce solutions that extend their service offerings into Asia.'

Dr Beh Swan Gin, chairman of the Singapore Economic Development Board, hailed the move as 'a strong affirmation of Singapore's growing role as an innovation hotbed in this region. Last year, fintech investments globally rose 75 percent to $22 billion. In Asia Pacific, growth more than quadrupled to $4.3 billion, coming mostly from China ($1.97 billion) and India ($1.65 billion).

""The pace of technological innovation across Asia Pacific is unprecedented and creating enormous opportunity for any company that touches the growing payment ecosystem,"" said Chris Clark, group executive, Asia Pacific, Visa.

""With the doors of the innovation center in Singapore now officially open, we look forward to working alongside clients and partners to imagine and build the creative and leading-edge mobile and digital experiences Asia Pacific is known to deliver to the rest of the world.""