Visa sets up six global tech hubs in Singapore, with 1,500 staff at new Paya Lebar centre
Technologies and solutions developed in the Republic will be deployed across its global network
International payments company Visa is establishing six technology hubs in Singapore to harness advances in artificial intelligence, next-generation payments, and trusted commerce. The new Paya Lebar Green centre is expected to host around 1,500 employees focused on these emerging technologies.
Visa's Singapore expansion aims to deploy its innovations across the company's global operations. Rajat Taneja, Visa's president of technology, highlighted the company's entry into a "period of commerce innovation, driven by AI, digital money and other emerging technologies." The three focus areas of Visa's venture in Singapore include applying AI to payments and fintech solutions, developing next-generation payment models such as digital money and stablecoins, and enhancing cybersecurity to safeguard complex digital ecosystems.
Economic Development Board executive vice-president Beng Kong Pee noted that Visa's investment in six global hubs will generate high-value jobs for Singaporeans while bolstering the city-state's role in creating innovative financial products and solutions. This comes after Visa announced in July it would cut about 2,600 jobs globally, representing 7% of its workforce, as part of its efficiency drive and focus on high-potential opportunities.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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