If we cast our memory back to maybe a decade or two ago, one of the key things about how companies conduct business is that they do so in silos. They obsessively protect their processes and their technology from the eyes of possible competitors.
But, as with most anything, the way that companies do business has changed over the years. With development of better technology, the increasing number of small companies and startups, and a workforce that is steadily getting younger, even large companies and enterprises have begun opening themselves up to collaboration.
The result? More creative solutions, speedier innovation, better products, and happier customers.
The PayPal Innovation Lab is a first-of-its-kind collaboration between global finance platform PayPal and the Singapore Fintech ecosystem that involves the participation of government agencies, industry groups, SMEs, and universities.
The aim? To create and drive partnerships between the various players of the ecosystem that would enable them to build on their ideas and create better payments and finance solutions.
For example, their Research and Development programme partners with local universities in Singapore to involve its students in developing technological advancements aimed at anticipating and supporting the future of payments and money.
Together with their SME Programme, where they enable SMEs to digitalise their payment processes, and their Incubation Programme, PayPal Innovation Lab has created an ecosystem that allows students and startups to work as a team to come up with innovative products.
PayPal’s incubation programme aims to nurture and support the new generation of technology companies. Launched in 2016, PayPal Incubator has seen 6 FinTech startups graduate from two cohorts. These startups, namely InvoiceInterchange, TenX, Axinan, PolicyPal, Chynge, and Jumper.AI, have raised over US$100 million between them.
The nine-month incubation programme is located in PayPal’s Singapore office and offers selected startups the following:
- Prime co-working space at PayPal’s Singapore Development Center located at Suntec City
- Structured learning conducted by experts in the FinTech industry on Finance and Technology topics
- Coaching and mentorship by PayPal executives and subject matter experts and external VC
- Access to talent from within and outside PayPal
- Access to funding through PayPal’s network and VC connections
- A collaborative environment where startups feed off each other’s energy, creativity and support
They are currently looking for technology or FinTech startups with a minimum viable product and preferably early trial with customers. Startups should also be based in Singapore or are willing to relocate.
PayPal Incubator is currently accepting startup to join their third cohort. You can send in your application today.
Disclosure: This article is produced by the e27 content marketing team, sponsored by PayPal Innovation Lab