Singapore FinTech Association (SFA) and FinTech Australia (FA) today signed a Memorandum of Understanding (MoU) to further strengthen opportunities for FinTech firms across both countries.
The MoU was signed at the ongoing Money20/20 Asia, a conference held in Singapore discussing Payments, Financial Services and FinTech.
Chia Hock Lai, President, SFA said, “Australia and Singapore have long enjoyed a strong and vibrant relationship, it is now timely to extend that cooperative relationship to the FinTech industry.”
“In particular Singapore has been a leading FinTech hub and acts as a good gateway to the attractive ASEAN market for Australian FinTechs. Conversely, our members who are keen to explore the Australian market can count on the assistance from FinTech Australia”, he added.
The MOU between both parties aims to contribute to the development of the FinTech industry in general across ASEAN and Australia. They will collaborate from time to time on particular initiatives relating to the FinTech industry. They could seek input and opinions from each other, in respect of matters relating to the FinTech industry and invite each other to participate in relevant events and support each other in interfacing regulators and other bodies.
According to the EY FinTech Australia Census 2018, Singapore is among the top four markets that Australian FinTechs are looking to expand into.
Rebecca Schot-Guppy, General Manager, FA said, “FA is proud to be building the network for our members by signing an MoU with the SFA. Singapore is seen by Australian FinTechs as a top 4 region for expansion and by signing this agreement we hope it fosters opportunities for our members. We look forward to working with the SFA.”
The MoU signing was witnessed by Taliessin Reaburn, Australian Trade Commissioner to Singapore, Australian Trade and Investment Commission (Austrade) who commented, “This agreement will help to build further collaborations and business partnerships between Australian and Singapore FinTech companies. FA’s membership is growing strongly and this is a great partnership to build greater capacity and solutions for both our markets.”
Brett Stevens, Commissioner for Victoria to Southeast Asia, Victorian Government Trade and Investment commented, "The Victorian Government recognises the collaborative efforts by the SFA and FA and congratulates both organisations on the signing of this important MoU. Melbourne and Singapore both offer world-class FinTech ecosystems which are strongly supported by government and well-connected industry networks.”
“The shared capabilities and high levels of collaboration between Melbourne and Singapore will pave the way for continued two-way knowledge sharing and long term success for FinTech businesses in both markets", he added.