The Singapore FinTech Association (SFA) and FinTech Australia will share resources and allow each other access to investors' communities as part of a memorandum of understanding (MOU) signed this week.

The agreement on Thursday 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.

"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 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 lawyers and co-working spaces such as FinTech Hub 80RR near Telok Ayer.

As both countries have long enjoyed a strong and vibrant relationship, he added, it is time to extend that cooperative relationship to the fintech industry.

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