Singapore and Japan partner for FinTech collaboration

The Singapore FinTech Association (SFA) and the FinTech Association of Japan (FAJ) have formed a partnership.

The pair have signed a memorandum of understanding (MOU) to ‘foster greater FinTech cooperation’, both bodies said in a joint statement.

They will work together to collaborate on joint projects and initiatives to support FinTech innovation and development. It will be used to raise the profile of the Japanese FinTech industry and promote Singapore as a destination for Japanese business.

Members will benefit from shared knowledge and exchange of expertise in the aim to nurture global business opportunities according to the statement.

SFA’s president, Chia Hock Lai, said the partnership will look to ‘bridge the gap’ between the two FinTech communities in Singapore and Japan.

Natalie Shiori Fleming, vice chairperson of Fintech Association of Japan, added: “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.”

Earlier this month, RegPac Revolution partnered with encognize G.K. to support and accelerate the innovation and adoption of RegTech in Southeast Asia and Japan.
The collaboration aims to run an exchange visit between Singapore and Japan to introduce RegTech companies into their respective countries and assist them with their go-to-market strategy.

Other objectives of the partnership include, co-creating guidelines so solutions can be tailored to the needs of the local market, liaise with governments and regulators for trade missions and road shows, run events, seminars and workshops, and facilitate cross-border knowledge exchange.

Last yea, Dubai and Australia’s regulators agreed to cooperate on FinTech, with ‘RegTech becoming more and more important’. The Dubai Financial Services Authority (DFSA) and Australian Securities & Investment Commission (ASIC) have agreed to cooperate on and promote FinTech in each other’s markets.

Copyright © 2018 RegTech Analyst

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