Singapore’s Fintech and Remittance Associations Ink MOU

The Singapore FinTech Association (SFA) and Remittance Association (Singapore) have signed an agreement to strengthen the money remittance segment.

The two associations will jointly launch the new SFA Remittance Sub-Committee, which aims to promote the adoption of technologies to strengthen the capabilities, efficiencies and governance of Singapore’s money remittance industry, and catalyse its members’ digital transformation and internationalization efforts.

The burgeoning number of fintech companies working in remittance and cross-border payments signals an opportune time for both associations to work together and work collaboratively with various stakeholders, the two sides said in a joint announcement on Thursday.

In Singapore, a lot of existing licensees have to step up to compete as consumers become more technology savvy. It is, therefore, crucial for remittance licensees to explore and adopt technology as the current business landscape evolves, Barakath Ali, Remittance Association (Singapore) chairman, said.

The sub-committee is chaired by neobanking and digital payments expert Ho Chee Wai, who is the country head for Singapore at cross-border fund transfer startup Nium.

Among the issues the subcommittee hopes to work on are engagement between the remittance and fintech segments, nurturing the development of the cross-border payment ecosystem, engaging with regulators, and talent development.