It will promote Singapore as a preferred business destination for Japanese fintech and vice versa.
The Singapore FinTech Association (SFA) and the Fintech Association of Japan (FAJ) signed a Memorandum of Understanding (MOU) on March 13 to boost one another's fintech networks.
The partnership will enhance the collaboration of the two economies in supporting fintech and development, according to a press release. It also aims to raise the profile of the Japanese fintech industry and promote Singapore as a preferred destination for Japanese business in Asia.
“With this partnership, we aim to bridge the gap between the two fintech communities in both Singapore and Japan. We are pleased that our mutual memberships can enjoy the benefits of closer collaboration,” said SFA president Chia Hock Lai.
The alliance comes amidst government initiatives aiming to deepen fintech development in their respective countries. De-facto central bank Monetary Authority of Singapore issued an Industry Transformation Map which identifies fintech at the heart of its growth strategy whilst the Financial Services Agency of Japan pushes for enhanced collaboration between established banks and fintech companies.
“We are pleased to expand the FAJ's global network by connecting with the Singapore FinTech Association, and look forward to growing synergies between our respective markets through a deeper relationship with the Singapore fintech community,” said FAJ vice chairperson Natalie Shiori Fleming.
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