Singapore FinTech Association and FinTech Australia ink memorandum of understanding

SINGAPORE - The Singapore FinTech Association (SFA) and FinTech Australia will share resources and allow each other access to investors' communities as part of a bilateral memorandum of understanding (MOU) signed on Thursday (March 21).

The agreement aims to contribute to the development of the fintech industry across Asean and in Australia, according to a joint statement by the two industry bodies on Thursday.

"They will collaborate from time to time on particular initiatives relating to the fintech industry," the statement said.

They would seek input and opinions from each other and also invite each other to participate in relevant events and support each other in their dealings with regulators, it added.

SFA president Chia Hock Lai said the MOU will allow FinTech Australia to share resources such as legal counsel and co-working spaces such as FinTech Hub 80RR near Telok Ayer.

He said that as Singapore and Australia have long enjoyed a strong and vibrant relationship, " it is time to extend that cooperative relationship to the fintech industry".

FinTech Australia general manager Rebecca Schot-Guppy said that Singapore is one of the top destinations for fintech companies in the continent to expand to.

Australian Trade Commissioner to Singapore Taliessin Reaburn witnessed the agreement signing at the Money 20/20 Asia conference that ended on Thursday.

Mr Brett Stevens, the Commissioner for Victoria to South-east Asia, said the Victoria state government recognises the two industry bodies' collaboration efforts.

"The shared capabilities and high levels of collaboration... will pave the way for continued two-way knowledge sharing and long-term success for fintech businesses in both markets," he added.