Australia-Singapore Fintech MOU – a boost for regional cooperation
Fintech Australia and the Singapore FinTech Association (SFA) signed a Memorandum of Understanding (MOU) to further strengthen opportunities for FinTech firms across both countries. The MOU anticipates collaboration on specific initiatives, joint participation in relevant programs and events in both countries, and support to provide access to investor communities in Singapore and Australia for the benefit of members.
Witnessed by representatives from Austrade and Australian delegates to Money20/20 Asia - a FinTech and Payments Conference held in Singapore, in March 2019, the MOU augments an earlier FinTech agreement, the “Innovation Functions Co-operation Agreement” that was inked between the Australian Securities and Investment Commission (ASIC) and the Monetary Authority of Singapore (MAS) in 2016. According to the EY FinTech Australia Census 2018, Singapore is among the top four international markets, demonstrating keen interest in Australian FinTechs as a means to enhance and broaden Singaporean companies business development activities.
Both Fintech Australia and SFA share the view that the MOU would go a long way to building greater capacity and solutions for both markets, and would provide a strong leverage for Australian fintechs to access ASEAN opportunities through Singapore, and conversely for Singapore firms to explore potential in Australia with the support of Fintech Australia.
The media release by SFA is available here. The MOU was also reported by Singapore news daily, The Straits Times, and can be accessed here. The media attention that has been generated highlights the importance of Fintech as an engine of growth in Singapore. The MOU will fosters commitment by both countries to collaborate in designing solutions that will innovate, disrupt, and transform the financial landscape in Australia and ASEAN.
For more information, contact Dr Diana Pang, Senior Business Development Manager, Services & Disruptive Technology, Austrade Singapore.