SFA, Austrade ink deal to help S’pore fintech firms expand in Australia

SINGAPORE – Financial technology (fintech) companies here and in Australia can expect more opportunities to do business with each other following a new agreement reached between the Singapore FinTech Association (SFA) and the Australian Trade and Investment Commission (Austrade) on Friday.

The signing of the Memorandum of Understanding (MOU) kicks off a new program that provides resources and support to Singapore fintech firms intending to expand their operations to Australia.

These include workshops, mission trips, business matching, networking opportunities and on-the-ground mentoring.

The MOU, which was signed by SFA president Shadab Taiyabi and Austrade senior trade and investment commissioner Stephen Skulley, will also help local firms establish a foothold in the Australian market within a time frame of six to nine months.

Australian fintech firms wishing to explore opportunities in Singapore may also do so through other programs in the future.

SFA and Austrade have established guidelines and criteria for the types of companies they seek to work with.

Singapore fintech firms that are in the growth stage will be targeted. To be eligible, they must be registered in Singapore, be an SFA member and fintech certified to qualify.

In addition, these firms will be required to have an existing plan to expand into Australia and have allocated resources to do so.

The selection and review process will take place in the second quarter of 2023, and resources will be distributed to successful applicants by the third quarter.

Those who qualify will receive support from Enterprise Singapore, as well as from HSBC and Amazon Web Services (AWS), which are the program’s support partners.

HSBC has been active in supporting fintech companies through its US$200 million New Economy Fund in Singapore, which aims to help companies in the sector expand internationally and explore new markets.

Meanwhile, AWS will provide firms with a range of cloud solutions to launch, build and grow their business in Australia.

Taiyabi said: “Within Southeast Asia, Singapore is a leading fintech hub with great talent and promising startups that have the potential and ambition to grow their presence in the rest of Asia Pacific, including Australia.”

He added that the launch of the program is “an important milestone in our efforts to support the expansion and growth of our homegrown fintechs by providing them with the right resources and connecting them with strong partners down under”.

Austrade and the SFA have previously worked successfully together to help fintech companies from each jurisdiction enter their respective markets, with a number of successful market entries in 2022.

Mr Skulley said: “Singapore and Australia’s strong economic ties and ongoing efforts to enhance bilateral fintech cooperation provide fast-growing tintechs with a path to growth in two of the world’s most dynamic digital economies.”