Singapore, Australia to collaborate on FinTech development
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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.”
Questions & Answers
Q.What is the primary objective of the agreement between the Singapore FinTech Association and FinTech Australia?
What is the primary objective of the agreement between the Singapore FinTech Association and FinTech Australia?
The main aim is to further strengthen opportunities for FinTech firms in both countries. The MoU also intends to contribute to the development of the FinTech industry across ASEAN and Australia generally.
Q.Beyond collaboration on initiatives, what other arrangements have the two bodies made?
Beyond collaboration on initiatives, what other arrangements have the two bodies made?
They have arranged to seek input and opinions from each other on FinTech matters. They will also invite each other to relevant events and provide mutual support in dealing with regulators and other bodies.
Q.Why is Singapore considered an important market for Australian FinTech companies?
Why is Singapore considered an important market for Australian FinTech companies?
According to the EY FinTech Australia Census 2018, Singapore is one of the top four markets Australian FinTechs are looking to expand into. It is seen as a key region for their growth.
Q.What is expected to be the long-term benefit of this collaboration for FinTech businesses?
What is expected to be the long-term benefit of this collaboration for FinTech businesses?
SFA president Chia Hock Lai stated that the shared capabilities and high levels of collaboration between Melbourne and Singapore will lead to continued two-way knowledge sharing and long-term success for FinTech businesses in both markets.
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