Singapore, Australia to collaborate on FinTech development

Singapore FinTech Association (SFA) and FinTech Australia (FA) have agreed to further strengthen opportunities for FinTech firms across both countries.

An MoU between the two 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.

The two bodies have also arranged to 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.

“Australia and Singapore have long enjoyed a strong and vibrant relationship, it is now timely to extend that cooperative relationship to the FinTech industry.”

“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,” SFA president Chia Hock Lai said.

FA general manager Rebecca Schot-Guppy added that, “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 four region for expansion and by signing this agreement we hope it fosters opportunities for our members. We look forward to working with the SFA.”