February 26, 2024

We are creating some awesome events for you. Kindly bear with us.

Singapore and Australia to Deepen Collaboration in Fintech

The Monetary Authority of Singapore (MAS) and the Australian Treasury announced the signing of the Australia-Singapore FinTech Bridge Agreement to strengthen cooperation between the FinTech ecosystems of both countries.

The commencement of discussions to develop the FinTech Bridge was announced in June 2021, when the Australian Prime Minister met with Singapore’s Prime Minister. The FinTech Bridge aims to build on the overarching framework for digital economy cooperation under the Australia-Singapore Digital Economy Agreement (DEA) to deepen collaboration between the FinTech ecosystems of both countries.

The FinTech Bridge will support both FinTech ecosystems now and in the future, with both the Australia Treasury and the MAS committed to ensuring that it will be a living agreement. The Australia-Singapore FinTech Bridge sets out a framework for both authorities to:

  • deepen bilateral and multilateral cooperation on FinTech, to facilitate trade, investment and ecosystem development in the FinTech sector;
  • support the mutual establishment of FinTechs looking to expand in each other’s markets, and encourage FinTechs to use the facilities and assistance available to explore new business opportunities and reduce barriers to entry;
  • build on current engagements 1 to strengthen linkages between Australia and Singapore for policy officials, regulators, and industry groups; and to work together to share FinTech expertise and encourage the development of new opportunities; and
  • explore joint innovation projects on emerging issues in FinTech to help the industry navigate through a constantly 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 FinTech Bridge agreement continues the long history of forging ground-breaking trade agreements between Australia and Singapore and follows the signing of the Australia-Singapore DEA in 2020. Such agreements help businesses to seize local, regional and global opportunities arising from the digital boom that is crossing borders, reshaping industries, and transforming economies in the region.

Why the Australia FinTech Bridge

A bilateral FinTech Bridge allows like-minded jurisdictions like Australia and Singapore to strengthen cooperation and collaboration on emerging issues on FinTech policy and regulation and to better support the cross-border growth of the FinTech industry.

Australia and Singapore are world leaders in the FinTech industry – in global FinTech rankings, Australia and Singapore both consistently rank in the top 10. Both nations offer a stable regulatory environment, with policies that encourage innovation, whilst maintaining market stability.

With over 700 FinTech companies based in all Australian State and Territory capitals, Australia has one of the world’s most exciting and dynamic FinTech industries. The Australian FinTech industry is estimated to grow from an AU$250 million industry in 2015 to an AU$4 billion industry by 2021.

The Singapore FinTech ecosystem has grown exponentially in a short period and is now home to about 1,400 FinTechs offering a wide range of solutions as well over 40 innovation labs. Equity funding for Singapore FinTechs has grown to a 5-year high of US$3.9 billion in 2021.

With a growing number of businesses and capital seeking opportunities in each jurisdiction, now is the right time to grow our relationship with FinTech through the establishment of a FinTech Bridge.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend