SINGAPORE – Media OutReach – 6 September 2022 – As financial services globally and in Singapore increasingly shift towards embedded finance, KPMG has announced the establishment of Singapore’s inaugural Embedded Finance Hub. This initiative aims to accelerate the adoption of embedded finance over the next two years by providing incubation support to over 120 non-financial enterprises and financial institutions venturing into areas such as payments, blockchain, lending, insurance, and wealth management.

The Hub will serve as a center for standard-setting, collaboration, and knowledge sharing. KPMG’s financial services experts will guide participants with best practices and venture acceleration support for those entering the embedded finance sector. This includes collaborating to co-create digital assets that enhance payment systems, gamification of finance, decentralized finance, and various platforms. Additionally, start-ups will have the opportunity to test their embedded finance innovations at the Hub and receive feedback from ecosystem participants, facilitating the commercialization process. Most importantly, the Hub will establish a new foundation for future data-enabled innovations.

Moreover, the Hub will foster collaboration between non-financial service organizations—such as those in healthcare, agriculture, technology, media, telecom, and retail—and financial service providers, enabling them to explore new value propositions infused with cutting-edge digital technologies. Participants will gain access to an enablement program designed to enhance skills for organizations pursuing embedded finance initiatives and a curated global library of best practices from industry leaders. They will also have access to a growing selection of premium Application Programming Interface (API) solutions that can be embedded into external channels and applications, facilitating the implementation of new concepts and models within embedded finance in Singapore and the wider region.

The Hub’s primary goal is to enhance capabilities and elevate the standards of practice throughout the embedded finance ecosystem for both corporates and financial institutions. Collaborating with the Monetary Authority of Singapore (MAS) and the broader ecosystem, the Hub aims to expedite the adoption of embedded finance in Singapore.

“The next phase of fintech disruption is transitioning beyond open banking to embedded finance. This opens up new opportunities for financial services to develop their as-a-service offerings and collaborate with corporates on embedded finance initiatives, improving customer experiences and generating new revenue streams. These partnerships are vital for increasing the uptake of financial services across all sectors. KPMG’s Embedded Finance Hub will be the epicenter of collaboration and knowledge for Singapore’s embedded finance industry,” stated Anton Ruddenklau, Partner and Global Head of Innovation, Financial Services, KPMG International.

Sopnendu Mohanty, Chief FinTech Officer at MAS, added, “Integrating relevant financial services into the user journeys of non-financial industries enhances convenience and value for both customers and businesses. This necessitates partnerships between financial institutions and enterprises, built on trust and technology. We anticipate that KPMG’s Embedded Finance Hub will nurture and accelerate growth in embedded finance across various industries.”

KPMG is currently inviting interested organizations to participate in the inaugural phase of the Hub’s activities. For inquiries or to register