The Singapore FinTech Association (SFA) and the Fintech Association of Japan (FAJ) have inked a memorandum of understanding (MOU) to foster greater fintech cooperation, the two bodies said in a joint statement yesterday.
This partnership will be used to raise the profile of the Japanese fintech industry, and promote Singapore as a destination for Japanese businesses within Asia.
It will also see the two associations collaborating on joint projects to support fintech innovation and development, with members benefiting from the exchange of expertise in a bid to nurture global business opportunities.
The signing of the MOU was celebrated with a "friendship evening and sake tasting" at the Money 20/20 conference in Singapore on March 13.
SFA president Chia Hock Lai said the aim of the partnership is to bridge the gap between the fintech communities here and in Japan.
Separately, FAJ vice-chairman Natalie Shiori Fleming said that she looked forward to "growing synergies" through a deeper relationship with the local fintech community.
The partnership comes as the governments in both nations seek to enhance fintech capabilities in their respective countries.
The joint statement said that the Financial Services Agency of Japan has updated its legislation to enable established banks and non-bank fintech companies to collaborate.
Last year, the Monetary Authority of Singapore established the financial services Industry Transformation Map, outlining fintech innovation as a growth strategy.
Also, data from KPMG's Pulse of Fintech report showed that fintech funding in Singapore reached a record US$229 million (S$300 million) last year.
Thus, the latest agreement between Singapore and Japan was signed to capitalise on opportunities in these markets.