VEI is Bringing to Singapore to Solve Start-up Communities Problems

November 12, 2018

Visa’s Everywhere Initiative in Singapore

Visa’s Everywhere Initiative is a program that solves the payment problems and commercial challenges of start-up communities. At first, the program was started in the USA in 2015 and has expanded it globally, with helping over 2,100 startups. All in, these startup communities have increased over US$2 billion in funding. Now, Visa is getting a proposal to launch the VIE in Singapore on Nov 13, 2018, to attract the start-up communities by solving their commerce challenges and payment-related problems.

VEI is Bringing to Singapore to Solve Start-up Communities Problems

To appreciate top start-up participants, Visa will offer a monetary cost, allowance to Visa's services and products through APIs on the Visa Developer Platform, support from Visa, exposure to fin-tech constituents, and expert mentor-ship across government sectors, merchant and banking sectors.

Since launching in 2015, the Visa's Everywhere initiative has awarded over US$1 million and trained over 130 finalists. Singapore's VEI program is the first ever scheme in the world to begin in 2019. VIE aims to address the problems and offer solutions to Start-Ups in Singapore. The government will also be announcing the winners during the week of the Singapore FinTech Festival at Asia Pacific VEI Regional Finals.

Kunal Chatterjee Says

Visa country manager for Brunei and Singapore, Kunal Chatterjee has stated that solving startup community issues is not totally new to Visa in Singapore. Our Visa had worked previously with another client to launch a startup competition, where the involving startups ready to win a spot in the regional finals that are held in Hong Kong.

He also said that VEI in Singapore raised our participation with the startup community to the further level. Payment innovation leads to provide security, speed, and convenience to the consumers and merchants in Singapore. We are committed to continuing this program in partnership with the worldwide startup community.

Three Themes to Explore VIE

For Singapore-based financial technology companies with ideas to pitch to Visa, here are three main themes to explore.

  • Changing commerce experiences and payment process for merchants and consumers. Visa thoughts to utilise analytics and data and to increase consumer experiences, providing consumer loyalty solutions and encouraging new segments to adopt digital payments.
  • Speeding up the process of e-payment and offering the latest value for businesses and merchants.
  • Helping consumers to use digital ways when they are travelling. It means finding the latest and simple methods and to encourage consumers to go with digital payments.

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