Touting itself as the world's largest fintech hub, Singapore's Lattice80 has drawn admirers including Switzerland's finance minister. Now, cracks are emerging in the venture, which is backed by the city-state's regulator.

Six months ago, a delegation of Swiss bankers and government officials led by finance minister Ueli Maurer visited Lattice80, the fintech hub founded in Singapore nearly one year ago, as finews.com reported

Lattice80 currently occupies 30,000 square feet across the two floors, with about 85 start-ups under it, as of August this year. Billed as «the world's largest fintech hub», it was founded last November and provides office space and infrastructure to firms which work on financial technology innovations.

Last week, rumors circulated in the tight-knit financial technology startup community in Singapore that something was up at the hub's high-profile Robinson Road premises.

Urgent Town Hall 

In a sudden development, Hong Leong Holdings, which owns the building where Lattice80 is located, told Singapore daily «The Straits Times» that it is effectively booting the fintech hub.

«Hong Leong Holdings, the owner of the building at 80, Robinson Road, will be taking back the premises located on the 8th and 9th floors, which are currently licensed to Lattice80, with effect from December 1,» a spokesman for the realtor said.

News of the abrupt move, which reached Lattice80's fintech firms through unofficial sources such as WhatsApp chat groups, immediately raised uncertainties. Several affected parties told finews.com that an urgent town hall meeting had been called with Hong Leong and the tenants to discuss the future of the fintech hub.

Joe Seunghyun Cho

Separately, Lattice80's operater, Marvelstone Group, said it would be moving the hub into new, larger offices in Singapore's finance district, without elaborating. Marvelstone's Joe Seunghyun Cho (pictured above) denied the move was linked to a rentor's dispute, saying instead the move was based on a new business model due to its international expansion. 

Not a Proper Company

CEO Cho, who founded the hub, told finews.com earlier this year that Lattice80 is a special kind of fintech hub. «We aren’t merely a co-working-space or fintech accelerator,» said Cho.

«And we aren’t actually a proper company either, but more of a private independent organization that aims to be at the pulse of the fintech and startup community in Singapore and the whole world,» he added.

Lattice80, backed by the Monetary Authority of Singapore, has drawn high-profile visitors including the prime minister of Holland and Switzerland’s finance minister as well as industry heavyweights.