Currently, OnePay, Prosecure.me and InvoiceInterchange are incubating there. Singapore is the second country in the Indo-Asia Pacific after India to host the incubator programme. PayPal’s Technology Center in Chennai, India, has been hosting this programme since 2013.
This lab is set to work with government agencies, small and medium enterprises (SMEs), industry associations and institutes of higher learning, to foster innovation, research and development (R&D), entrepreneurship, talent and expertise in Singapore.
One of the first projects the innovation lab will undertake is working with SMEs in the food & beverage business, with the aim of improving their productivity by, for instance, embedding digital payments into business operations.
The three universities that PayPal is working with are the National University of Singapore (NUS), Nanyang Technological University (NTU) and the Singapore Management University (SMU).
With NUS’ Institute of Systems Science, PayPal is working on developing and refining cybernetic authentication tokens and predictive analytics models that operate on the basis of machine learning in order to enable business forecasting and reducing customer churn rate.
With NTU’s School of Computer Science and Engineering, it is working on contextual environment-based authentication, a credit-worthiness analytics engine that mines Big Data from non-traditional data sources (i.e. social media) to derive credit risk and other behavioural insights to aid loan decisions; and AI-powered know-your-customer (KYC) processes. Additionally, they are delving into predictive fraud analytics to inhibit and minimise fraud using machine learning and cognitive customer service leveraging on neural networks to understand customers’ intent and needs.
With SMU’s School of Information Systems, PayPal is examining the use of blockchain for digital KYC applications and post-quantum cryptography to future-proof PayPal’s risk and security management systems.
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