Singapore, Australia to boost fintech collaboration
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To strengthen cooperation between the fintech ecosystems of Australia and Singapore, the Australia Treasury and the Monetary Authority of Singapore (MAS) have signed the Australia-Singapore FinTech Bridge Agreement, said the two government bodies in a joint statement yesterday.
The FinTech Bridge aims to build on the overarching framework for digital economy cooperation under the Australia-Singapore Digital Economy Agreement, which was signed in 2020, in order to deepen collaboration between the fintech ecosystems of both countries.
The start of discussions on the FinTech Bridge was announced last June when Prime Minister Lee Hsien Loong met his Australian counterpart Scott Morrison.
The FinTech Bridge sets out a framework for both authorities to deepen bilateral and multilateral cooperation, so as to facilitate trade, investment and ecosystem development in the fintech sector.
The framework will support the mutual establishment of fintech companies looking to expand in each other's markets, and encourage such companies to use the facilities and assistance available to explore new business opportunities and reduce barriers to entry.
It will also help both authorities build on current engagements to strengthen linkages between Australia and Singapore for officials, regulators and industry groups.
The framework also helps both authorities explore joint innovation projects on emerging issues in fintech to help the industry navigate an evolving space, to share information on emerging market trends and to learn from the experiences in each jurisdiction.
This includes collaboration in areas such as blockchain and distributed ledger technology, digital identities, cross-border data connectivity, data portability and the application of fintech to promote sustainable finance.
The Singapore fintech ecosystem is home to about 1,400 fintech companies offering a wide range of solutions as well more than 40 innovation labs.
Equity funding for Singapore fintech companies grew to a five-year high of US$3.9 billion (S$5.3 billion) last year, according to the joint statement.
