Visa says the new 7,000 square foot Singapore facility will provide Visa’s partners with access to APIs and software developer kits (SDKs) available through the company’s recently-launched Developer Platform.

Beh Swan Gin, chairman of the Singapore Economic Development Board, welcomed the latest addition to the island's budding fintech scene: “The centre will focus on the development of leading-edge technology, new applications and business model innovation for clients and key partners in this region. Visa seeks to collaborate with the broader corporate ecosystem in Singapore, including start-ups.

According to Accenture, fintech investment in the Asia Pacific region has increased significantly from an estimated $880 million in 2014 to nearly $3.5 billion in the first nine months of 2015 with 40%t of investment deals specific to payments.

“The pace of technological innovation across Asia Pacific is unprecedented and creating enormous opportunity for any company that touches the growing payment ecosystem,” says Chris Clark, group executive, Asia Pacific, Visa Inc. “With the doors of Visa’s Singapore innovation centre 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.”

The new facility follows the launch in July 2014 of Visa’s flagship innovation centre at the company’s headquarter in San Francisco. The card scheme says it plans to open a network of additional centres in other regions later this year, and in 2017.